Coinbase Acquires Deribit for $2.9 Billion, Dominating Bitcoin and Ether Options Market

Coinbase Global Inc. has agreed to acquire Deribit, the world’s largest trading platform for bitcoin and ether options, in a deal valued at $2.9 billion. The acquisition, which includes $700 million in cash and 11 million shares of Coinbase Class A common stock, aims to expand Coinbase’s presence in the crypto derivatives market. Deribit, founded in 2016, offers options, futures, and spot trading, and holds an 80% market share in crypto options. The deal is set to be announced on Thursday, according to executives cited by the Wall Street Journal. This acquisition positions Coinbase as the number one crypto derivatives platform by open interest and options volume, complementing its existing strengths in spot and futures trading. The transaction is pending regulatory approval. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant