Cryptocurrency exchange Kraken has acquired Small Exchange from IG Group for $100 million, securing a coveted CFTC-licensed US derivatives venue and positioning itself to launch a fully regulated futures and options platform. This strategic move underscores the growing maturity of the crypto market and increasing demand for onshore trading infrastructure from institutional investors. 2025 marks a significant milestone as Kraken acquires Small Exchange’s Designated Contract Market (DCM) license, enabling it to design and operate exchange-listed derivatives under direct oversight of the Commodity Futures Trading Commission (CFTC). The deal comprises $32.5 million in cash and $67.5 million in Payward stock, with IG Group entering a partnership agreement for distribution of the new exchange’s products.