Deribit, a Dubai-based derivatives trading platform, has just been acquired by the largest crypto exchange in America ranked in terms of volume traded.
Coinbase said in a press release that the transaction cost approximately $2.9 billion. This includes $700 millions of cash, and 11,000,000 shares Class A Common Stock subject to price adjustment.
Deribit, the leading cryptocurrency options exchange in the world with a current open interest of approximately $30 billion dollars is currently active. The platform also enabled over $1 trillion worth of trading across major markets last year.
Coinbase claims that acquiring Deribit would make it the leader of crypto derivatives in terms of open interest and volume. It will also enable it to speed up its international expansion strategy.
Our International Exchange provides spot and perpetual products outside the US. Deribit will allow us to expand even more our global footprint, giving institutional traders and advanced traders the ability to access robust options markets .”
In March, reports indicated that both firms were in advanced acquisition discussions. Coinbase states that the deal is subject to approval from regulatory authorities and to the usual closing conditions. It is anticipated to close by the end the year.
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The post Top US Crypto Exchange, Coinbase to Acquire Deribit Derivatives platform may change as new information becomes available.
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