Unchained

On Thursday, Coinbase announced its acquisition of Deribit in a $2.9 billion deal, the largest merger in the crypto industry to date.
In this episode, Owen Lau, executive director and senior analyst at Oppenheimer, delves into why Deribit was such a coveted prize, what this deal means for the global derivatives landscape, and how Coinbase is using its position as a public company to cement its dominance.
Plus:
The importance of Coinbase paying mostly in stock and barely touching its cash
How the derivatives market dwarfs spot trading, and is only getting bigger
What this means for CME and smaller crypto exchanges
And how Base, Coinbase’s L2, fits into the long game