Coinbase acquires Crypto derivatives Exchange Deribit for 2.9 billion dollars

Base He agreed to purchase Dubai Deribit, a major exchange-wide exchange, $ 2.9 billion, the biggest transaction in the crypto industry to date.

Campaign – Note On Thursday, which costs amounted to $ 700 million in cash and 11 million shares of Coinbase Class A Common Action. The transaction is expected to end by the end of the year.

Coinbase’s shares have grown over 5%.

Coinbase’s call for the acquisition of Coinbase as an International Catrical Leader of Open Percent and Options, Greg Tus, Vice President of Institutional Products, said in a Message in the blog – What can allow this to take over big players such as Binance. Coinbase is running on the biggest market for buying and selling cryptocurrencies in the US, but has a smaller share of the global crystore, where activity is largely on Binance.

Last year, Deribit facilitated more than $ 1 trillion in the volume of bidding and has about $ 30 billion on the platform.

“We are pleased to combine our strength with Coinbase to provide a new era in the world -wide,” Deribit Luuk Striers said in a statement. “As the leading Crypto Options platform, we have created a strong, profitable business, and this acquisition will speed up the foundation we have laid, providing traders even more on the spot, futures, ages and options – all under one trusted brand. Together with coinbase we are set to form the future of the world market.”

Tus also noted that Deribit has a “consistent trace” for the generation of positive adjusted EBITDA, which the company believes it will grow as a united essence.

“One of the things we most liked in this transaction is that it is not just a change in games for our international expansion plans – it immediately diversify our profit and increases profitability,” said Tus CNBC.

The transaction occurs at a time when the cry-pro-order drives on the normative tails from the first in history the White House. In recent weeks, support for industry has fueled Crypto M & A. In March, Krypto Kraken agreed Purchase Ninjatrades for 1.5 billion dollarsand last month Ripple agreed Buy Main Broker Hidden Road.

By structuring the transaction as a cash transaction, Coinbase still must have a bandwidth to make other acquisitions if possible. As of December 31, Coinbase had $ 8.5 billion in cash.