Coinbase said on Friday that it is acquiring a MiFID-licensed entity to expand its derivatives offerings in the European Union.
The deal is subject to regulatory approval and could close later in 2024, it said in a blog post. The name of the company based in Cyprus is unknown.
The license will allow Coinbase to offer cryptocurrency-based derivatives in Europe. The exchange currently only offers spot trading in the European Union.
“Adding such a license to our international portfolio would support the strong interest we have seen in our derivatives offerings and help us capture more of the 75% of the global cryptocurrency market that derivatives demand,” Coinbase said.
The company added that the purchase is subject to regulatory approval and that Coinbase has a “long way to go before it is finalized.”
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