Coinbase is reportedly in advanced discussions to acquire Deribit, a leading cryptocurrency derivatives exchange, as outlined in a Bloomberg report from March 21. This acquisition aims to enhance Coinbase's existing derivatives platform, which currently focuses on futures trading. Deribit, noted for being the largest platform for Bitcoin options trading, boasts a trading volume of approximately $1.2 trillion from the previous year. The deal could value Deribit between $4 billion and $5 billion, necessitating the transfer of Deribit's Dubai license to Coinbase upon completion. In a competitive landscape, Kraken has also announced plans to acquire another exchange for around $1.5 billion. The rising demand for cryptocurrency derivatives, including futures and options, highlights their popularity among both retail and institutional investors for trading and hedging purposes.

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