“Through this acquisition, we plan to bring regulated crypto derivatives to market, initially through FairX’s existing partner ecosystem.
Over time, we plan to leverage FairX’s infrastructure to offer crypto derivatives to all Coinbase customers in the US.”
Coinbase says that crypto derivatives products are in “high demand from investors who seek to effectively manage risk, execute complex trading strategies, and gain exposure to crypto outside of existing spot markets.”
FairX also offers the Bloomberg US Large Cap Index Futures, a product that grants exposure to the largest 500 US public companies.
Coinbase says that FairX will “operate normally” before the acquisition of FairX is finalized. The acquisition is expected to close by the end of March.
FairX joins other acquisitions made by Coinbase recently. In November of 2021, Coinbase acquired cryptographic security firm Unbound Security primarily for the company’s highly technical skills and expertise.
In November of 2021, Coinbase purchased cryptocurrency wallet platform Bread, a move that gave the exchange the possibility of enabling its users to custody their crypto assets on the Coinbase wallet.
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