IG Group Sells Small Exchange for $100 Million in Crypto Push
By Elena VardonIG Group Holdings disposed of its Chicago-based futures exchange in a $100 million deal with crypto exchange Kraken parent Payward Inc as it bulks up on its cryptocurrency offerings.The online trading company on Thursday said the price for Small Exchange--which it bought in 2023--includes $32.5 million in cash and $67.5 million in Payward stock. The sale will result in a 73.3 million pound ($98.2 million) post-tax gain for IG and increase its regulatory capital resources by 22.7 million pounds, it added.The London-listed group said that the terms of the Small Exchange deal include a partnership with Kraken and the distribution of new crypto products.IG, which has been developing its crypto strategy, last month announced the acquisition of Australia-based crypto exchange Independent Reserve and secured a cryptoasset license from the U.K.'s Financial Conduct Authority. The group also bought an around 8% stake in crypto infrastructure provider Zerohash via a funding round.Write to Elena Vardon at [email protected]