Coinbase mentioned Friday that it’s within the technique of buying a MiFID-licensed entity to increase its derivatives providing within the EU.
The deal is topic to regulatory approval and will shut later in 2024, it mentioned in a weblog put up. The identify of the corporate, which is predicated in Cyprus, is unknown.
The license will permit Coinbase to supply cryptocurrency-based derivatives in Europe. The trade at the moment solely affords spot buying and selling within the EU.
“Including such a license to our worldwide portfolio would additional assist the robust curiosity we’ve seen in our derivatives choices and assist us seize extra of the ~75% of the worldwide crypto market claimed by derivatives,” Coinbase mentioned.
The acquisition is topic to regulatory approval and Coinbase has “a protracted highway forward earlier than finalizing” it, the corporate added.