Popular crypto exchange Coinbase unveiled the upcoming purchase of FairX, a platform that delivers futures products.
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In a release published by the company, the team said that the goal is to provide derivatives trading, both for retail traders and institutions for all U.S.users.At start, the market will be available for the current partner ecosystem of FairX. FairX is a CFTC (Commodity Futures Trading Commission) -regulated derivatives exchange, and the intention of Coinbase is to create a well-regulated futures platform.
Coinbase revealed that the purchase is undergoing the process of customary closing conditions. The deal is expected to close within the first fiscal year of the company.
FairX was launched in 2021 in Chicago. It lists futures contracts that track markets including stock indices and oil. Coinbase is the second biggest cryptocurrency exchange worldwide by trading volume. In the last 24 hours, trade flows of the exchanges were more than $3.6 bln.
In April, 2021, Coinbase got listed on the stock market Nasdaq under the ticker COIN. At the moment shares are traded for $234.