Major cryptocurrency exchange Coinbase said it is buying a crypto futures exchange, FairX, as a move to offer crypto derivatives to traders in the United States.
Coinbase said in a blog post on Monday that it is buying FairX for $400 million, and plans to integrate its platform with the exchange. The company said the acquisition will allow it to offer new products and services to institutional investors.
“The acquisition of FairX is part of Coinbase’s mission to create a world where people can use digital assets in a trusted, secure and compliant way,” Coinbase said.
FairX is a licensed derivatives exchange that allows users to buy and sell crypto derivatives products such as futures contracts, options and swaps. It is regulated by the U.S. Commodity Futures Trading Commission, as well as the New York State Department of Financial Services and the Financial Industry Regulatory Authority.
Leave a Reply