Here is What it Means for Crypto Market

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com The deal will be closed with $700 million in cash and 11 million in shares of Coinbase Class A common stock.The acquisition is subject to regulatory approval and is expected to close by the end of this year.Coinbase Global, Inc. (NASDAQ: COIN), a veteran cryptocurrency exchange based in the United States, announced that it has agreed to acquire Deribit, a top-tier derivatives exchange. According to the announcement, Coinbase is acquiring Deribit for $2.9 billion, which will include $700 million in cash and 11 million in shares.Meanwhile, Coinbase announced that the deal is subject to regulatory approval and other customary closing conditions. As a result, Coinbase expects the deal to be closed by the end of this year.“As the leading crypto options platform, we’ve built a strong, profitable business, and this acquisition will accelerate the foundation we laid while providing traders with even more opportunities across spot, futures, perpetuals, and options – all under one trusted brand. Together with Coinbase, we’re set to shape the future of the global crypto derivatives market,” Luuk Strijers, CEO at Deribit, noted.Coinbase Forges a Brighter Future for the Crypto Industry Once finalized, Coinbase will become a major player in crypto derivatives in regards to open interest (OI) and options volume. Furthermore, Deribit currently has more than $30 billion in OI and recorded over $1 trillion in trading volume in 2024.With Coinbase available in more than 100 jurisdictions globally, more crypto traders can now seamlessly access the derivatives market in a regulated manner. Most importantly, more institutional investors from around the world can access the Bitcoin and altcoins OI market through their respective Coinbase accounts.Consequently, Coinbase will significantly diversify its revenue streams amid heightened competition from other crypto exchanges including Binance and Bybit. Following the announcement, Coinbase shares COIN surged 6 percent on the day to trade about $208 on Thursday, May 8 during the mid North American trading session.Source link