It has been just revealed the fact that Coinbase has reportedly mulled buying FTX Europe post-bankruptcy. Check out the latest reports about this below.
Coinbase and FTX in the news
Fortune reports that Coinbase, a U.S.-based exchange, considered acquiring FTX Europe after the bankruptcy of FTX in November last year. The documents revealed that Coinbase explored expanding its cryptocurrency derivatives offerings by purchasing FTX Europe.
However, the talks did not progress to a “late stage.” Although Coinbase is no longer pursuing this potential deal, they have expressed their interest in acquiring a company sometime this month.
Trading in crypto derivatives accounts for a substantial part of digital currency trading.
Analysts at JMP have noted that Coinbase’s move into derivatives increases its potential for growth in the long run, since the derivatives market makes up the majority of trading. Fortune reports that FTX Europe had gained tens of thousands of users before going bankrupt.
Coinbase launches new initiative
The prominent cryptocurrency exchange in the US, Coinbase, is initiating a 14-month campaign to persuade lawmakers in Washington D.C. to establish more precise regulations for digital assets.
As per the latest blog post, Coinbase’s “Stand With Crypto” program incorporates various tactics, including urging the millions of Americans who possess digital assets to reach out to their representatives and support crypto-friendly laws.
The Stand with Crypto Alliance is calling upon the 52 million individuals who own or support cryptocurrency to unite and advocate for its use. The campaign will last for 14 months and will consist of three parts.
Firstly, the Coinbase platform will be used to encourage crypto owners to become advocates for this single cause. Stand with Crypto’s decentralized app, accessible through the Coinbase app, has already attracted over 100,000 users in the few weeks since its formation.
We suggest that you check out more details about this in the previous article that we shared.
