IG Group Holdings said Thursday it has sold Small Exchange to Payward Inc., the parent company of cryptocurrency exchange Kraken, in a deal valued at $100 million.
The online trading company will receive $32.5 million in cash and $67.5 million in Payward stock, resulting in a post-tax gain of 73.3 million British Pounds, according to the company.
As part of the agreement, IG will enter into a partnership with Kraken to distribute the new exchange's products.
"The transaction represents a significant return on the Group's acquisition of Small Exchange and enables us to collaborate with Kraken on the distribution of new crypto products," IG Group CEO Breon Corcoran said.
The sale is the latest move in IG's expansion into the cryptocurrency sector.
In September, the company announced the acquisition of Australian crypto exchange Independent Reserve, and it recently obtained a cryptoasset licence from the U.K.'s Financial Conduct Authority.
IG also participated in a recent funding round for crypto infrastructure provider Zero Hash, leaving it with an 8.1% shareholding in the company, which is valued at approximately $1 billion.
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