Coinbase is plugging Deribit into its US platform to bring global crypto derivatives liquidity onshore. Crypto derivatives are where the volume and fees live, so this is a revenue-mix story for $COIN

What happened: Coinbase completed its integration of derivatives exchange Deribit, giving eligible US customers a regulated route to global crypto derivatives markets through Coinbase Financial Markets, its CFTC-regulated derivatives unit. Key numbers: Crypto derivatives are roughly 80% of global crypto trading volume, per Coinbase. Why it matters: US institutions previously needed offshore entities and separate trading infrastructure for these markets. Options via Coinbase Prime are expected in coming weeks, with US retail access later this year.

Coinbase completed its integration of derivatives exchange Deribit, giving eligible US customers a regulated route to global crypto derivatives markets through Coinbase Financial Markets, its CFTC-regulated derivatives unit.

US institutions previously needed offshore entities and separate trading infrastructure for these markets. Options via Coinbase Prime are expected in coming weeks, with US retail access later this year.