Crypto Exchange Crypto.com said it bought an Allnew investment to get a license that allows it to offer derivatives across the European Economic Area (EEA).

The markets of the Financial Instruments Directive (MiFID) license were issued to Allnew by Cyprus Securities and Exchange Commission (CySEC), says Exchange in a site set. It gives the exchange the right to offer a number of financial products in the 27 nations of the European Union together with Iceland, Liechtenstein and Norway.

This acquisition strengthens Crypto.com’s presence in Europe. The exchange ensured a markets in Crypto Assets (MICA) license in January so that it could offer crypto-detention and exchange services across the EEA. The company refused to say how much it paid for allnews.

Crypto exchanges have moved into derivatives to unlock new profit sources. The company joins rivals, including Gemini and Kraken to get MiFID licenses to offer derivatives in Europe. Kraken’s license was also obtained through the acquisition of the proprietor. Earlier this month, Coinbase spent $ 2.9 billion to buy option platform abandoned to strengthen its position in the US derivative market.