Cryptocurrency exchange Coinbase has announced a deal to acquire the Deribit platform, which specializes in options and futures trading, for approximately $2.9 billion.
This is reported by Business • Media
As part of the deal, Coinbase intends to pay $700 million in cash, with the remainder in the form of 11 million Class A shares. Coinbase’s Vice President of Institutional Products, Greg Tusar, emphasized that this deal is an important strategic move for the company, as it targets the lucrative cryptocurrency derivatives market and will help accelerate Coinbase’s global growth.
Strategic Advantages of the Deal
According to Tusar, this acquisition will allow Coinbase to become a leading player in the derivatives market. The company also highlighted several key advantages of the deal:
- the creation of the most comprehensive institutional platform for derivatives trading;
- market leadership: upon completion of the deal, Coinbase will become the global leader in cryptocurrency derivatives trading volume;
- stable revenues;
- global growth that will accelerate the company’s international expansion.
It is also worth noting that Deribit previously expressed its intention to enter the U.S. market.