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FollowingCoinbase completes integration with Deribit, opening up a channel for compliant derivatives market for qualified customers in the United States
Coinbase has successfully completed its integration with derivatives exchange Deribit. The move opens up a regulated channel for eligible U.S. customers to enter global cryptocurrency derivatives markets that have long been out of reach of U.S. investors.
Theexchange announced on Wednesday that the integration will combine its international derivatives business with Deribit, while allowing eligible U.S. clients to access relevant liquidity through its derivatives arm, Coinbase Financial Markets, regulated by the Commodity Futures Trading Commission (CFTC). Balances and positions on the Coinbase International Exchange were migrated to the Deribit platform on October 1.
According to Coinbase data, cryptocurrency derivatives account for approximately 80% of the total global cryptocurrency transactions. However, U.S. traders have long lacked a compliance path to participate in the deeper options and perpetual contract markets in the offshore market. That began to change in May, when the CFTC issued guidance allowing Coinbase Financial Markets to connect U.S. customers to global derivatives markets.
Coinbase said U.S. institutional customers will access Deribit's options and perpetual contract products through Coinbase Prime and Coinbase Financial Markets. Previously, these customers often needed to access the same markets through offshore entities and independent trading infrastructure.
Options services available through Coinbase Prime are expected to go online in the coming weeks. Coinbase also plans to launch options products to eligible non-U.S. retail traders during the same period, while access to U.S. retail customers is expected to open later this year.
