Coinbase enters encryption derivatives with a $ 2.9 billion deal to acquire Deribit – Tradingview News
Coinbase Global has agreed to purchase Deribit, a major exchange of cryptocurrencies. The value of the deal is estimated at about $ 2.9 billion. Coinbase announced the acquisition on May 8, Cointelegraph said.
Coinbase announces the acquisition, pending approval
Greg Tosar, Vice President of the Institutional Producer at Coinbase, Source: LinkedIn
This step is part of the stock exchange’s international growth plan. He said: “With the presence of strong Deribit and the professional customer base, Coinbase has the most steps so far to accelerate our international growth strategy.”
The deal includes $ 700 million in cash and 11 million shares of regular shares from Coinbase Class A. The final amount is subject to standard purchasing prices. The acquisition is expected to be closed later this year, pending organizational approval.
Deribit was founded in 2014 by John and Marius Yansen. The company confirmed that both founders will leave the company after the completion of the deal in 2025.
Deribit said its operations will continue as usual until the transaction is closed. “The same platform, the same team, the same commitment to excellence,” stated in a statement.
🚨 Breaking: Coinbase to get a Deribit encryption platform for $ 2.9 billion, which expands its offers in the Crypto derivative market. pic.twitter.com/uoobsmout1
You may find interesting in Financemagnates.com: Coinbase gains FIU approval to re -enter the Indian market: SEC DROPS Laws.
Deribit license may be needed
“The deal will provide more trading opportunities. “This acquisition will speed up the foundation that we laid with the supply of merchants with more opportunities across space, futures, receptors and options,” he said.
Coinbase plans to integrate Deribit technology with its current services. The company said this would improve the movement, Fiat payments, and capital efficiency through trading functions.
Reports from March suggested that Coinbase and Deribit Oonderator in Dubai about a possible acquisition. Deribit keeps a license in Dubai, which you may need to transfer to Coinbase if the deal is approved. Previous estimates developed Deribit’s evaluation between $ 4 billion and $ 5 billion.
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