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Fortune
Fortune
Leo Schwartz

Coinbase pursued FTX Europe acquisition as it looked to expand its overseas derivatives business

John J. Ray III, CEO of FTX Group. (Credit: Nathan Howard—Getty Images)

In its pursuit to build out crypto derivatives offerings worldwide, Coinbase explored an acquisition of FTX’s European entity following the exchange’s November bankruptcy, according to documents viewed by Fortune.

While acquisition talks never reached a late stage, Coinbase’s interest in FTX Europe demonstrates the growing importance of derivatives to its global business plan as spot trading volumes have tumbled during the bear market.

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