Crypto exchange Coinbase has announced that crypto options platform Deribit is now part of the exchange following the completion of the acquisition deal, which both parties struck in May. This comes amid the company’s push to become the ‘Everything Exchange.’
Coinbase Completes $2.9 Billion Deribit Acquisition
In a blog post, the crypto exchange announced that it had closed its acquisition of Deribit, a move which the exchange claimed now makes it the “most comprehensive global crypto derivatives platform.”
Coinbase noted that the deal is coming at a time when Deribit just had a record month in July, when its trading volumes exceeded $185 billion, and currently boasts almost $60 billion of the current open interest on the platform.
CoinGape had earlier reported that the top exchange was going to acquire Deribit for $2.9 billion in a stock and cash deal. As part of the deal, the exchange offered 11 million shares of Class A stock and $700 million in cash.
Coinbase noted this acquisition brings it closer to offering a full spectrum of trading products, including spot, futures, perpetuals, and options, all on one platform. The company added that this move will enable them to scale globally with broader participation and deeper liquidity.
Vision To Become The Everything Exchange
Coinbase CEO Brian Armstrong commented on the deal, stating that the Deribit team’s talent will be a key part of them building to become the Everything Exchange. He added that this will also enable them to offer industry-leading derivatives products around the world.
CoinGape had reported about the crypto exchange’s vision to become the ‘Everything Exchange.’ To achieve this, the company announced plans to offer tokenized stocks and prediction markets in the U.S.
Meanwhile, Coinbase recently rolled out DEX trading for U.S. users, enabling them to easily trade base tokens with further plans to add support for Solana tokens. This is expected to significantly boost the exchange’s trading volume, considering that Base and Solana record the most daily token launches.
The COIN stock is down amid the Deribit announcement. TradingView data shows that the stock price is currently trading at around $320, down over 2% in today’s trading session. The stock has been on a downtrend since hitting a new all-time high (ATH) of $436 in July.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
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