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Finance

Coinbase Has Recently Held Talks to Buy FTX Europe: Fortune

This is part of Coinbase’s desire to expand its derivatives business, according to the article, which added that acquisition talks never reached a “late stage.”

By Elizabeth Napolitano
AccessTimeIconSep 22, 2023 at 8:24 p.m. UTC
Updated Sep 22, 2023 at 8:35 p.m. UTC
Coinbase had showed recent interest in acquiring FTX Europe. (Claudio Schwarz/Unsplash)

Coinbase had showed recent interest in acquiring FTX Europe. (Claudio Schwarz/Unsplash)

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Coinbase Inc. (COIN), the U.S. crypto exchange that’s seeking to expand globally amid the regulatory crackdown in its home country, has recently considered buying FTX Europe, Fortune reported.

This is part of Coinbase’s desire to expand its derivatives business, according to the article, which added that acquisition talks never reached a “late stage.”

The firm considered FTX Europe, which went on sale after its parent company declared bankruptcy last fall, due to its “highly profitable” derivatives business and growing customer base, Fortune reported.

Derivatives, which are financial contracts that derive their value from an underlying asset such as bitcoin (BTC), can be lucrative for both traders and the exchanges that serve them. FTX Europe, like other European exchanges, offered a range of derivatives products, but it also was the only firm with a license to offer perpetual futures, a highly popular derivatives offering, in that region. It’s those licenses that have attracted attention from several potential buyers, according to Fortune. Crypto exchange Crypto.com and Trek Labs have also expressed interest in FTX Europe, the publication reported.

Edited by Nick Baker.

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Elizabeth Napolitano
Elizabeth Napolitano

Elizabeth Napolitano is a news reporter at CoinDesk.

Follow @LizKNapolitano on Twitter

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