Coinbase Acquires Derivates Platform FairX
Nasdaq listed cryptocurrency exchange Coinbase announced the purchase of U.S.-based derivatives platform FairX.
A fairly new company, FairX opened its exchange in May of 2021 and is a designated contract market (DCM) registered with the Commodity Futures Trading Commission (CFTC), fully licensed to offer futures products in the U.S.
With the move, Coinbase sets itself up for the competition and follows other large exchanges in the acquisition of derivatives platforms to start offering Bitcoin and Ethereum futures in the U.S. Crypto.com acquired derivatives platform Nadex in the second half of 2021, while FTX.US took over LedgerX.
This acquisition marks a key stepping stone on Coinbase’s path to offer crypto derivatives to both retail and @CoinbaseInsto customers.
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— Coinbase (@coinbase) January 12, 2022
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In a company blogpost, Coinbase said:
“The development of a transparent derivatives market is a critical inflection point for any asset class and we believe it will unlock further participation in the cryptoeconomy for retail and institutional investors alike,”
Coinbase is also still waiting approval by the National Futures Association, a self-regulatory organization overseeing derivative trading platforms in the U.S.
The acquisition is expected to close in the first fiscal quarter, bringing the exchange another step closer to realizing its ambitions of becoming the “Amazon of crypto-assets”.
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Source: igaming
