Coinbase Considering Advanced Negotiations to Acquire Deribit, Aiming to Expand Presence in Crypto Derivatives Market
Article Harold**
According to Bloomberg, the US-based Coinbase exchange is closing in on a deal to acquire Deribit, the world's leading Bitcoin and Ethereum options exchange.
Sources familiar with the matter have revealed that Coinbase and Deribit have begun informing regulators in Dubai, where Deribit currently holds a trading license. If the deal goes through, the license would pass over to Coinbase.
Coinbase Aims to Dominate Crypto Derivatives with Deribit Acquisition
The merger would see the American crypto heavyweight, currently the top exchange by volume in the US, take on the global crypto options dominator, Deribit. With this acquisition, Coinbase would significantly expand its operations in the burgeoning crypto derivatives sector—an area that has gained traction among institutional and retail traders alike.
Deribit offers an extensive range of products, including options, futures, and spot trading, and reported staggering trading volumes of close to $1.2 trillion in 2023. That's nearly double the activity seen in the previous year.
Booming Earnings and Heightened Competition
Earlier estimates by Bloomberg valued Deribit at between $4 billion and $5 billion. Meanwhile, Coinbase's enterprise value currently surpasses the $43 billion mark, according to Yahoo Finance.
The interest in options trading has skyrocketed among crypto traders, who have embraced these financial instruments to hedge their positions or speculate more efficiently on price movements in the volatile crypto landscape. The increasing popularity of these flexible tools has become crucial for both institutional investors and high-frequency retail traders.
As Coinbase recently announced strong financial earnings, the exchange has gained confidence to pursue aggressive expansion ventures. With the return of retail traders, who had pulled back during the previous bear market, the exchange is poised to make bold moves like the Deribit acquisition.
In a similar move, rival exchange Kraken recently announced its expansion into derivatives with a $1.5 billion acquisition of NinjaTrader. Coinbase, traditionally lagging behind in this sector, seems set to close the gap with the acquisition of Deribit.
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*Harold*
With a passion for dissecting and demystifying the chaotic world of finance, I've spent more than four years in financial journalism, covering everything from traditional stocks to the newest developments in venture capitalism. "The financial markets are a captivating puzzle, and I thrive on helping people understand them," I always say. That's what drives me to bring clear and insightful financial journalism to CoincuNews readers.
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- Coinbase, the leading US-based cryptocurrency exchange, is progressing with a deal to acquire Deribit, the world's top Bitcoin and Ethereum options exchange, marking a significant expansion into the crypto derivatives sector.
- Sources close to the matter have disclosed that regulators in Dubai, where Deribit currently holds a trading license, have been notified of the potential acquisition, with the expectation that the license would be transferred to Coinbase.
- By acquiring Deribit, which offered an extensive range of products like options, futures, and spot trading, and recorded staggering trading volumes of close to $1.2 trillion in 2023, Coinbase would dramatically boost its offerings beyond spot trading and close the gap with rival exchange Kraken, which recently expanded into derivatives.
- Coinbase's financial earnings, combined with the renewed interest of retail traders, has affirmed the exchange's confidence to undertake aggressive expansion ventures such as the acquisition of Deribit.
- The technology behind both blockchain and cryptocurrency, with its ability to enable flexible tools like options trading, has become increasingly crucial in business and finance, fueling the rise of institutions and high-frequency retail traders.
