Coinbase plans acquisition to expand derivatives offering in EU

Brussels: Coinbase said 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.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.