IG Group Set to Expand Crypto Footprint with Australian exchange Acquisition
UK’s IG Group is making a big move in teh crypto space. The financial giant is buying a 70% stake in Autonomous reserve, an Australian crypto exchange. This deal, valued at around A$109.6 million,is pending regulatory approvals.There’s a potential for IG to invest an additional A$15 million based on Independent Reserve’s future performance.
With this acquisition,IG aims to boost its crypto services beyond the UK borders. It’s eyeing opportunities in the Asia-Pacific and possibly the Middle East markets by 2028. This strategic move aligns with IG’s vision for global growth and digital asset integration.
Independent Reserve showed promising growth, with A$35.3 million in revenue for the fiscal year ending June, nearly double its previous year’s earnings. IG Group’s decision reflects confidence in the exchange’s robust governance and regulatory compliance. In the UK, IG, through its partnership with Uphold, already offers 35 cryptocurrencies via its trading platforms.
Charlie Rozes, IG’s acting CEO, expressed enthusiasm about the acquisition. He stated, “This move will solidify our position in the Asia-Pacific crypto market.”
