Coinbase, the biggest crypto exchange in the US, is reportedly having acquisition talks with derivatives platform Deribit.
Citing people familiar with the matter, Bloomberg reports that Coinbase is in advanced discussions with Deribit to acquire the firm.
Deribit is currently the largest centralized trading platform for Bitcoin (BTC) and Ethereum (ETH) options contracts by volume.
Both companies have notified regulators in Dubai where Deribit holds a license. The license would be taken over by whichever company acquires the trading platform.
Financial details of the deal – which may not go through – haven’t been determined, but Bloomberg reported earlier this year that Deribit could be valued between $4 and $5 billion.
Both companies declined to comment, and Bloomberg’s sources asked not to be identified due to the confidential nature of the discussions.
In a similar move, Kraken, the second-largest crypto exchange in the US, acquired futures trading platform NinjaTrader
NinjaTrader, which was founded in 2003, provides services for nearly two million traders and is a Commodity Futures Trading Commission (CFTC)-registered Futures Commission Merchant (FCM).
Kraken says the deal represents the largest ever between traditional finance and crypto.
Kraken co-CEO Arjun Sethi said,
“Traditional markets run on post-WWII, 1950s banking systems, exchanges that close at 4 p.m. ET and settlement delays that take days to resolve. Crypto rails fixed these issues, operating with efficient and real-time infrastructure.
But legacy finance and crypto have remained separate ecosystems, until today. This transaction is the first step in our vision of an institutional-grade trading platform where any asset can be traded, anytime.”
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