IG Group Buys Majority Stake in Australian Crypto Exchange Independent Reserve for $72M
Online trading platform IG Group has acquired a majority stake in Australian cryptocurrency exchange Independent Reserve for 109.6 million Australian dollars ($72.4 million).
The deal, the company said, aims to strengthen IG’s position in Asia-Pacific’s fast-growing crypto markets and complements its recent crypto rollouts in the U.K. and U.S.
Independent Reserve is one of Australia’s oldest regulated crypto platforms, IG’s managing director for Asia Pacific and the Middle East, Matt Macklin, said. It also supports trading in 34 cryptocurrencies across Australian and Singaporean markets.
IG will initially acquire 70% of the company, with the option to buy the remaining 30% based on future performance. The deal is subject to…
