Payward, the parent company of exchange Kraken, completed the acquisition of Bitnomial, a crypto-native platform headquartered in Chicago. The deal enables it to offer regulated cryptocurrency derivatives in the United States. With the transaction closed, the company adds a full suite of licenses issued by the Commodity Futures Trading Commission, including a Futures Commission Merchant, a Designated Contract Market and a Derivatives Clearing Organization.
According to the press release, the company will begin by rolling out spot margin services on Kraken, before incorporating perpetuals and options. Arjun Sethi, co-CEO of Payward and Kraken, noted that this structure is what makes the development of the next set of products possible. The transaction also opens a channel for banks, brokers and payment providers to offer derivatives to their own clients in the U.S. market.
Bitnomial will continue operating within Payward retaining its licenses, its regulatory framework and its third-party business, while the company plans to expand its team. Final terms were not disclosed, although in April the company had announced a self-valuation of $20 billion and a price of up to $550 million in cash and stock to close the deal.
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