Coinbase agreed to acquire Dubai-based Deribit, a major crypto derivatives exchange, for $2.9 billion, the largest deal in the crypto industry to date.

Coinbase, the largest publicly traded cryptocurrency exchange, said on Thursday it will buy derivatives exchange Deribit in a $2.9 billion deal to expand into the crypto options markets. The move underscores a push by crypto firms to widen their institutional investor base,

US cryptocurrency exchange Coinbase has agreed to buy Dubai’s Deribit for $2.9bn in the digital market’s largest ever deal as the industry prepares for an expected wave of demand from asset managers and banks.