"Independent Reserve, an Australian cryptocurrency exchange, has been purchased by IG Group"
In a strategic move, the financial giant IG Group has announced its entry into the cryptocurrency market in the UK, following the acquisition of Independent Reserve. The deal, expected to close in early 2026, is subject to approval from regulators in Australia (FIRB) and Singapore (MAS).
Established in May, Independent Reserve partnered with Uphold to launch spot crypto trading, offering a wide range of 35 cryptocurrencies to its users. The company's strong leadership and commitment to regulatory compliance have been evident, demonstrating its suitability for this significant acquisition.
The acquisition gives IG Group a strong foothold in the Asia-Pacific crypto market and extends its crypto offerings beyond the UK. This move also provides optionality for IG Group to expand its offering into the Middle East region.
Independent Reserve's financial performance has been impressive, with the company generating A$35.3 million in revenue in the 12 months to June, nearly doubling from the previous year.
Meanwhile, the crypto landscape has seen some interesting developments. The speculation surrounding Changpeng Zhao (CZ), Binance co-founder, and his possible involvement in the Aster project, which is linked to the potential dissolution of Hyperliquid, continues. CZ is rumoured to be behind Aster as a competitor to Hyperliquid, holding a significant amount of BSC-USDT in the Aster project. However, it's important to note that there is no official confirmation of CZ's direct involvement, as he is banned from direct leadership at Binance.
Elsewhere, DeFi Development Corp. is expanding its Solana treasury accelerator, indicating a growing focus on decentralised finance solutions. This expansion could potentially impact the broader crypto market in the coming months.
As IG Group steps into the crypto market, it's clear that the company is positioning itself to capitalise on the growing potential of this dynamic sector. The acquisition of Independent Reserve is a significant step towards this goal, offering a solid foundation for future growth and innovation.
