Crypto Exchange Crypto.com said that he had bought an Allnew Investments to obtain a license allowing it to offer derivatives through the European Economic Area (EEE).
The license in the Markets Directive in Financial Instruments (MIFID) has been issued to Allnew by Cyprus Securities and Exchange Commission (CYSEC), the exchange said in a website publication. It grants the exchange of the right to offer a range of financial products in the 27 nations of the European Union alongside Iceland, Liechtenstein and Norway.
This acquisition strengthens the presence of Crypto.com in Europe. The exchange obtained a market license in cryptographic assets (MICA) in January so that it can offer police custody services and cryptography exchange across the EEA. The company refused to say how much she paid for Allnews.
Crypto exchanges have evolved into derivatives to unlock new sources of profit. The company joins competitors, notably Gemini and Kraken, to obtain Mifid licenses to offer derivatives in Europe. The Kraken license was also obtained thanks to the acquisition of the holder. Earlier this month, Coinbase spent $ 2.9 billion to buy options from options to strengthen its position in the American derivative market.
