Coinbase Global Inc. is acquiring futures exchange FairX in its biggest step yet toward expanding into crypto derivatives.
Already registered with U.S. regulators, the firm could give Coinbase the edge it needs in getting a derivatives marketplace up and running. Terms of the deal were not provided.
“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 U.S.-listed derivative market presents a very substantial commercial opportunity.”
Cryptocurrency futures and options -- which let investors hedge their bets by agreeing to buy or sell