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Quick take:
The announcement comes on the heels of Deribit’s record-breaking month, in which transaction volume exceeded $185 billion.
Deribit also boasts $59 million in current platform open interest, according to a statement on its website.
The acquisition advances Coinbase’s plans to establish “the most comprehensive, trusted platform for global crypto derivatives trading.”
Coinbase has completed the $2.9 billion acquisition of the crypto options trading platform, Deribit. The completion comes just over three months after the deal’s initial announcement on May 8.
The announcement comes hot on the heels of Deribit’s record-breaking month, which saw it report $185 billion in transaction volume, while current platform interest has shot to $59 billion.
The acquisition is part of Coinbase’s strategy of building the most comprehensive, trusted platform for global crypto derivatives trading.”
“Deribit is the #1 crypto options exchange by volume and open interest, with roughly $59 billion of current platform open interest, over $1 trillion traded last year, and a loyal base of institutional and advanced traders,” a statement on Deribit’s website reads. “Their platform is fast, capital-efficient, and battle-tested – the perfect complement to Coinbase’s growing futures and perpetuals business.”
Coinbase’s goal is to provide spot, futures, perpetuals, and options trading– “all in one seamless platform.”
“This acquisition brings us closer to offering the full spectrum of trading products.”
The crypto exchange company also believes the acquisition of Deribit will further bolster its global expansion campaign with broader participation and deeper liquidity.
The company credits the record transaction volume in July, its “best month ever,” to increased institutional flows. “As the crypto options market is heating up, we’re positioned to lead the next wave of innovation.”
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