Coinbase agreed to acquire Dubai-based Deribit, a major crypto derivatives exchange, for $2.9 billion, the largest deal in the crypto industry to date.

Coinbase, the largest publicly traded cryptocurrency exchange, said on Thursday it will buy derivatives exchange Deribit in a $2.9 billion deal to expand into the crypto options markets. The move underscores a push by crypto firms to widen their institutional investor base, while also catering to retail trad

There were rumors on the matter in the past few months, but Coinbase confirmed the move earlier today.

American crypto exchange Coinbase announced on Thursday that it is buying digital assets options exchange Deribit.

Coinbase has agreed to acquire Deribit for approximately $2.9 billion, according to WSJ