Coinbase acquires crypto derivatives exchange Deribit for $2.9 billion

The Coinbase logo is displayed on a smartphone with stock market percentages on the background. Coinbase agreed to acquire Dubai-based Deribit, a major crypto derivatives exchange, for $2.9 billion, the largest deal in the crypto industry to date. The company said Thursday that the cost comprises $700 million in cash and 11 million shares of Coinbase class A common stock. The transaction is expected to close by the end of the year. Shares of Coinbase rose nearly 6%. The acquisition positions Coinbase as an international leader in crypto derivatives by open interest and options volume, Greg Tusar, vice president of institutional product, said in a blog post – which could allow it take on big players like Binance. Coinbase operates the largest marketplace for buying and selling cryptocurrencies within the U.S., but has a smaller share of the global crypto market, where activity largely takes place on Binance. Deribit facilitated more than $1 trillion in trading volume last year and ... Read full article.