Coinbase agreed to acquire Dubai-based Deribit, a major crypto derivatives exchange, for $2.9 billion, the largest deal in the crypto industry to date.The company said Thursday that the cost comprises $700 million in cash and 11 million shares of Coinbase class A common stock.

Coinbase Global (NASDAQ:COIN) has agreed to acquire Deribit, the world's largest platform for trading bitcoin (BTC-USD) and ether (ETH-USD) options, for about $2.9B, aiming to dominate the crypto derivatives market,

The deal with Deribit includes $700 million in cash and 11 million shares of Coinbase Class A common stock, according to the companies, making it one of the largest deals in the i