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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.”
Updated Sep 22, 2023, 8:35 p.m. Published Sep 22, 2023, 8:24 p.m.
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.”
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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.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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