Coinbase takes aim at crypto derivatives in US with FairX acquisition

Leading cryptocurrency exchange Coinbase has moved a step closer to derivatives markets in the US following its acquisition of CFTC-regulated exchange FairX.

Through the acquisition, Coinbase says it aims to bring “regulated crypto derivatives” to US markets by initially using FairX’s existing partner ecosystem.

Over time, it plans to leverage FairX’s infrastructure to offer crypto derivative products to all Coinbase customers in the US, with a focus on making them more approachable for retail customers via an “easy-to-use user experience”.

In addition, the acquisition marks a key stepping stone towards its mission of offering more diversified products to “retail and institutional customers in the US”, according to the exchange.

FairX, a CFTC-regulated derivatives exchange, provides Coinbase with a diverse team with expertise in product development and stronger compliance to Coinbase alongside being in alignment with its commitment to creating a fair, accessible, efficient crypto ecosystem for its customers.

The acquisition of FairX marks the next step in Coinbase’s mission of bringing greater choice and accessibility to cryptocurrency products for both retail and institutional users through its ‘Prime‘ offering.

More focused on retail users, the exchange has since implemented a number of products and features including paycheck deposits, more crypto payment options via debit cards and is also working on bringing cheaper, faster withdrawals and deposits to users via Layer-2 integrations.

In addition, the exchange is working towards making the thriving DeFi and NFT spaces more accessible to customers via DeFi ‘yields’, a native Web3 wallet and the long-awaited Coinbase NFT marketplace.