|
IG Group Holdings PLC on Thursday said it has increased its exposure to cryptocurrency markets by taking a stake in Payward Inc, the owner of crypto exchange Kraken. IG is a London-based provider of online trading platforms, including for shares and contracts-for-difference. Payward agreed to buy Small Exchange Inc from IG for $100.0 million, comprised of $32.5 million in cash and $67.5 million in Payward shares. IG said the disposal of Small Exchange, a ’designated contract market’ registered with the US Commodity Futures Trading Commission, will result in a post-tax gain of £73.3 million and increase the group’s regulatory capital by £22.7 million. In addition to its stake in Payward, IG will partner with Kraken to distribute the exchange’s crypto products, saying this will advance its crypto strategy. IG noted that last month it acquired Independent Reserve, a crypto exchange based in Australia. Earlier in its financial year, which began on June 1, IG took part in a funding round for Zero Hash Holdings LLC, a market infrastructure provider for crypto, stablecoin, and tokenised assets. This gave IG an 8.1% stake in a company that was given a $1 billion value by the funding round. IG shares were up 0.5% to 1,076.00 pence early Thursday in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
