Coinbase has announced its largest acquisition in history by purchasing the options platform Deribit. This deal is set to expand the company's services in the global derivatives market.
About the Deal
The acquisition of Deribit is valued at approximately $2.9 billion, including $700 million in cash and 11 million shares of Coinbase Class A stock. With Deribit managing around $30 billion in open interest, this deal ranks among the most significant in crypto industry history.
Expansion Strategy
Coinbase has described the acquisition of Deribit as its 'most substantial move yet' in accelerating its international expansion strategy. The Deribit platform will allow the company to strengthen its presence in the lucrative crypto derivatives market by integrating spot, futures, and options trading into one cohesive platform.
New Payment System
Alongside the acquisition news, Coinbase introduced a new payment protocol, x402, which enables instant stablecoin transfers via HTTP. This innovation sets the groundwork for a more autonomous, AI-driven digital economy.
The acquisition of Deribit and the introduction of the new payment protocol highlight Coinbase's ambition to expand its foothold in the crypto derivatives market, which could significantly enhance the company's overall profitability.
