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IG Group buys 70% of Australia's crypto exchanger for A$178 million!
IG Group plans to acquire 70% of Australian crypto exchange Independent Reserve for A$178 million to enter the Asia Pacific market.
IG Group buys 70% of Australia's crypto exchanger for A$178 million!
IG Group, a major player in the financial services sector, plans to acquire 70% stake in Australian crypto exchange Independent Reserve. This deal has a total value of A$178 million and is subject to approval by relevant regulatory authorities in Australia and Singapore. Loud Crypto News IG Group will initially pay A$109.6 million for the 70%, with a possible additional payment of A$15 million depending on Independent Reserve's future performance.
Full takeover is targeted by 2028, as IG Group has the option to acquire the remaining 30%. The full deal therefore values crypto exchange Independent Reserve at A$178 million. The closing date for this significant transaction is expected in early 2026.
Strong sales and regulatory compliance
Independent Reserve posted revenue of A$35.3 million in the 12 months to June, almost doubling year-on-year. IG Group highlights Independent Reserve's strong leadership and established regulatory compliance as key factors in the acquisition. These aspects are particularly relevant in a market that is increasingly reliant on regulatory clarity.
The purchase will allow IG Group to expand its crypto offerings beyond the UK and gain a strong entry into the Asia-Pacific market. The acquisition also opens up opportunities for expansion in the Middle East, which could further strengthen the company's international strategy.
Expansion of crypto offerings
IG Group launched spot crypto trading in the UK in partnership with Uphold back in May 2023. This initiative shows the company's determination to position itself as a serious player in the crypto sector. With the takeover of Independent Reserve, IG Group aims to further consolidate and expand its market position.
This development in the crypto sector highlights the increasing importance of crypto exchanges and the need to establish themselves in an ever-evolving regulatory environment. IG Group believes that the acquisition of Independent Reserve not only provides access to new markets, but also significantly expands the opportunities for diversified crypto offerings.