Coinbase Offers Regulated Access to Global Crypto Derivatives
- On May 29, Coinbase Financial Markets launched regulated access for U.S. clients to global crypto derivatives, including perpetual futures and options.
- The Commodity Futures Trading Commission (CFTC) staff action supports this move by recognizing certain contracts as foreign futures.
- Deribit, an affiliate of Coinbase, reported over $31 billion in bitcoin options open interest as of May 28.
- Coinbase’s acquisition of Deribit was valued at $2.9 billion and completed in August last year.
- Crypto derivatives account for about 80% of global crypto trading volume, with perpetual futures and options being major drivers.
Coinbase’s new offering marks the first U.S.-regulated access point for global crypto derivatives markets, addressing a significant gap for institutional traders in the U.S. This launch could potentially attract substantial activity from firms involved in BTC options and perpetual futures trading globally.
The launch signifies a pivotal shift towards regulated market access for U.S institutions, leveraging Deribit’s existing scale with over $31 billion in bitcoin options open interest to bolster hedging and trading strategies within a multi-trillion-dollar market space.(Source)
