IG Group Acquires Independent Reserve to Enter the Cryptocurrency Market

IG Group's Acquisition: IG Group has acquired a majority stake in Australian cryptocurrency exchange Independent Reserve for AU$109.6 million, aiming to enhance its presence in the Asia-Pacific crypto market and expand its product offerings.

Impact on Independent Reserve: The acquisition will provide Independent Reserve with access to a larger investor base and resources, allowing it to strengthen its competitiveness and continue its growth trajectory, with revenues having already increased significantly.

Future Prospects: The deal, pending regulatory approvals, involves IG acquiring an initial 70% stake with an option for the remaining 30%, expected to positively impact IG's earnings starting from fiscal year 2027.

Industry Trend: This acquisition reflects a broader trend of traditional financial institutions entering the cryptocurrency space, recognizing the potential of regulated exchanges to enhance service capabilities and market reach.