July 23, 2024
Crypto

Coinbase plans acquisition to expand derivatives offering in EU


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Coinbase said Friday that it is in the process of acquiring a MiFID-licensed entity to expand its derivatives offering in the EU.

The deal is subject to regulatory approval and could close later in 2024, it said in a blog post. The name of the company, which is based in Cyprus, is unknown.

The license will allow Coinbase to offer cryptocurrency-based derivatives in Europe. The exchange currently only offers spot trading in the EU. 

“Adding such a license to our international portfolio would further support the strong interest we’ve seen in our derivatives offerings and help us capture more of the ~75% of the global crypto market claimed by derivatives,” Coinbase said.

The purchase is subject to regulatory approval and Coinbase has “a long road ahead before finalizing” it, the company added.

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© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.



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