Coinbase takes a big step towards crypto derivatives

Coinbase Global Inc. is acquiring futures exchange FairX in its biggest step yet toward expanding into crypto derivatives. Picture: BLOOMBERG

“This is the most important stepping stone for us to help a derivatives market come to form,” Brett Tejpaul, head of Coinbase Institutional, said in an interview. “We think the US-listed derivative market presents a substantial commercial opportunity.” Many US exchanges have shunned the fast-growing market due to regulatory uncertainty, but more are starting to expand into derivatives. FTX.US, one of Coinbase’s US competitors, similarly used an acquisition of LedgerX’s parent company to gain a foothold last year.

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