Coinbase said on Friday that it is in the process of acquiring a MiFID-licensed company to expand its derivatives offerings in the EU.
The deal is subject to regulatory approval and could close in late 2024, the blog post said. The name of the Cyprus-based company is unknown.
The license allows Coinbase to offer cryptocurrency-based derivatives in Europe. The exchange currently only offers spot trading within the EU.
“The addition of these licenses to our international portfolio further supports our strong interest in derivatives and will help us capture more of the approximately 75% of the global cryptocurrency market that derivatives claim to have,” Coinbase said. He said.
The purchase is subject to regulatory approval and Coinbase “still has a long way to go before completion,” the company added.
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About the author
Anna is a senior policy reporter at The Block. She has a background in political journalism and has covered Russian civil society for various media outlets in Moscow, including her award-winning newspaper, Novaya Gazeta. Before joining The Block, Anna spent the past five years researching global cryptocurrency policy and adoption at CoinDesk. Anna says she owns Bitcoin and gift NFTs that have sentimental value.