CEO Brian Armstrong added that Deribit’s acquisition is his company’s “biggest move yet” to expand internationally.

(Reuters) -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.

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.