Coinbase said Friday that it is in the process of acquiring a MiFID-licensed entity to expand its derivatives offering in the EU.
The deal is subject to regulatory approval and could close later in 2024, it said in a blog post. The name of the company, which is 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 EU.
“Adding such a license to our international portfolio would further support the strong interest we’ve seen in our derivatives offerings and help us capture more of the ~75% of the global crypto market claimed by derivatives,” Coinbase said.
The purchase is subject to regulatory approval and Coinbase has “a long road ahead before finalizing” it, the company added.
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