American cryptocurrency exchange Coinbase has announced the completion of its acquisition of Deribit, enhancing its position in the derivatives market.
Completion of Deribit Acquisition
Coinbase has completed the acquisition of Deribit, integrating the firm’s $59 billion in open interest and over $1 trillion in annual trading volume. This deal was first announced in May, costing Coinbase approximately $2.9 billion in cash and stock.
Deribit's Achievements
Deribit’s balance sheet shows about $59 billion in open interest and recorded a record-high trading volume of $185 billion in July, indicating rising interest in cryptocurrencies. Many expect that the resulting company could be a trillion-dollar entity.
Coinbase's Future Expansion Plans
Additionally, Coinbase is also looking at other mergers and acquisitions to strengthen its position in the financial market. CEO Brian Armstrong noted their focus on finding the right opportunities for expansion and product development, particularly in companies that share their vision for global crypto infrastructure.
The acquisition of Deribit solidifies Coinbase's position as a leading player in the crypto derivatives market and opens new opportunities for further expansion.
