Crypto Currents: Coinbase acquires derivatives exchange FairX
Coinbase buys FairX in derivatives push as Tesla plans to accept dogecoin for merch
As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week's top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.
COINBASE ACQUIRES FAIRX: In a Wednesday blog post, Coinbase (COIN) announced the acquisition of FairX, a CFTC-regulated derivatives exchange or Designated Contract Market. "Through this acquisition, we plan to bring regulated crypto derivatives to market, initially through FairX's existing partner ecosystem," Coinbase said. "Over time, we plan to leverage FairX's infrastructure to offer crypto derivatives to all Coinbase customers in the US. We want to make the derivatives market more approachable for our millions of retail customers by delivering an easy-to-use user experience that Coinbase is known for." The acquisition is subject to customary closing conditions and reviews and is expected to close in Coinbase's first fiscal quarter.
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