Breaking: Coinbase To Buy Crypto Options Firm Deribit For $2.9B

Breaking: Coinbase To Buy Crypto Options Firm Deribit For $2.9B

US-based Coinbase has reportedly agreed to purchase the largest crypto options firm in the world, Deribit. The deal, valued at $2.9 billion, will see Coinbase expand its reach toward crypto derivatives, but parties will have to sidestep a few regulatory hurdles.

Coinbase Moves To Acquire Deribit For $2.9 Billion

After months of horse-trading, Coinbase has inked a deal to acquire crypto options platform Deribit for $2.9 billion. According to a report by the Wall Street Journal (WSJ), the deal will see Coinbase expand the scope of its offerings to include spot, futures, and options.

Joining forces with Deribit will send Coinbase to the top of the rankings for crypto derivatives by options volume and open interest. Deribit holds $30 billion in open interest and trading volumes surpassing $1 billion, with pundits describing the deal as a “steal” for the US-based exchange.

“This is a global step in our global expansion strategy,” said Coinbase in a statement. “With Deribit’s strong international presence and Coinbase’s regulated US and international operations, we’re set to offer unparalleled access to crypto derivatives around the world.”

THIS IS A DEVELOPING STORY

 

The post Breaking: Coinbase To Buy Crypto Options Firm Deribit For $2.9B appeared first on CoinGape.