According to Fortune, the American cryptocurrency exchange Coinbase Inc. (COIN), which is looking to grow internationally in the face of regulatory pressure at home, has recently thought about purchasing FTX Europe.According to the article, this is a part of Coinbase’s ambition to grow its derivatives business. It also stated that takeover conversations were never in a “late stage.”
Due to its “highly profitable” derivatives business and expanding customer base, the company took into consideration FTX Europe, which was put up for sale after its parent company filed for bankruptcy last October.
Financial contracts known as derivatives, which draw their value from an underlying asset like bitcoin (BTC), can be profitable for both traders and the exchanges that support them.In addition to providing a variety of derivatives products, FTX Europe, like other European exchanges, was the only company authorized to provide perpetual futures, a very well-liked derivative.According to Fortune, it is those licenses that have drawn interest from a number of prospective owners.The magazine noted that Trek Labs and the cryptocurrency exchange Crypto.com had also showed interest in FTX Europe.