Coinbase, the largest publicly traded cryptocurrency exchange, said on Thursday it will buy derivatives exchange Deribit in a $2.9 billion deal to expand into the crypto options markets. The move underscores a push by crypto firms to widen their institutional investor base,

Coinbase to acquire Deribit for $2.9 billion, expanding into crypto derivatives market. Aims to offer spot, futures, perpetuals, and options trading under one platform.

Coinbase is acquiring Deribit—a leading crypto options and futures exchange—for approximately $2.9 billion, according to a report by The Wall Street Journal.