Coinbase agrees to acquire Debirit, the Dubai-based crypto option. The deal is set to be done against $2.9 billion. The time of the agreement hasn’t been disclosed yet. However, rumors say that it wil happen around the year-end.
This strategic collaboration aims to gain an international grip. The Dubai market is yet unexplored. Hence, Coinbase thinks that there is a great gap that can help the company earn big dollars!
Deribit controls 85% of crypto options worldwide. CoinDesk reports that their trading volume was around $1.2 trillion last year, a 95% jump year over year! Coinbase is now securing around 20% of its revenue from the overseas market. So why not take an interest in the Dubai-based market?
# How’s The Acquisition Planned?
The acquisition has been broken down to a 4700 million cash offering limit. The second component is an 11 million CoinBase Class A common stock share cluster. As the deal was announced, the shares of CoinBase took a 6.6% leap. Stay tuned for more news on this deal!
