US cryptocurrency exchange Coinbase has agreed to buy Dubai’s Deribit for $2.9bn in the digital market’s largest ever deal as the industry prepares for an expected wave of demand from asset managers and banks.
California-based Coinbase will pay $700mn in cash and the remainder in shares for Deribit, which last year handled trading volumes of more than $1tn, making it the world’s largest market for cryptocurrency derivatives.
“We believe crypto options are on the cusp of significant expansion, similar to the equity options boom of the 1990s,” said Greg Tusar, head of institutional product at Coinbase.
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