IG Group has agreed to purchase Independent Reserve, an Australian cryptocurrency exchange, for an initial enterprise value of A$178.0 million ($117.5 million). The deal represents IG’s push into Asia Pacific crypto markets.
IG is one of the largest brokers in the UK, the equivalent of a Charles Schwab or e-Trade. The company launched crypto trading in the UK in May through a partnership with crypto exchange Uphold. It’s US subsidiary tastytrade also has a crypto offering through a ZeroHash tie-up. Hence, Independent Reserve may help to bring some of the knowhow in-house.
Looking at its US competitors, both Charles Schwab and e-Trade currently only offer access via crypto…
