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Highlights
- Crypto exchange app, Crypto.com, has acquired two exchanges from financial services firm IG Group Holdings Plc.
- com’s native token, CRO, exploded in November, rising from its November 1 price of US$0.2127 to US$0.90 on November 24 – a rise of over 300%
- com made a US$700 million payment to put its name on the home stadium of the Los Angeles Lakers, the Staples Center, for the next two decades
“Fortune favours the Brave” is written in large capital letters on the front page of Crypto.com’s official website. It would seem the emerging crypto company has clearly been heeding their own advice.
Crypto.com has been making big moves recently, going from relative obscurity just a couple of months ago to one of the hottest assets in the crypto space.
In its latest big move, the major crypto app has acquired two crypto exchanges from financial services firm IG Group Holdings Plc.
The Acquisition
Crypto.com, which is a crypto exchange app, acquired the North American Derivatives Exchange Inc. (Nadex) and Small Exchange Inc. - of which the IG Group holds a 40% stake - for US$216 million. Following the purchase, IG Group shares rose as much as 1.8%.
The Small Exchange, recently added crypto-related futures to its product list as did Nadex, which is a U.S. derivatives exchange offering binary options and call spreads.
Crypto.com’s Rise to Dominance
Crypto.com’s native token, CRO, exploded in November, rising from its November 1 price of US$0.2127 to US$0.90 on November 24 – a rise of over 300%.
Crypto.com was founded in 2016 and hosts a number of services, all of which aim to accelerate the global adoption of cryptocurrencies as a means of increasing personal control over money and as they put it: “putting cryptocurrency in every wallet.”
CRO was boosted in November, following the the largest-ever naming rights deal in history – a US$700 million payment to put its name on the home stadium of the Los Angeles Lakers, the Staples Center, for the next two decades.
Image source: © Elliottcowand | Megapixl.com
The verdict
The LA Lakers are one of the most popular and most watched sporting franchises in the world and although their home stadium won’t officially be called “Crypto.com Arena” until Christmas Day, when it happens, it will mean mass exposure as the LA Lakers will be hosting the Brooklyn Nets on Christmas Day, which millions around the world will watch.
Add to this the acquisition of the North American Derivatives Exchange and Small Exchange, which is expected to be completed in the first half of 2022, it would seem Crypto.com’s growth is merely beginning.
