Coinbase’s COIN, -1.07% shares went up about 3.2% in extended trade Wednesday, after it announced plans to purchase derivatives exchange FairX.
The addition of FairX, a Chicago-based derivatives exchange with roots in the retail market, would help Coinbase expand by offering its clients access to certain crypto futures traded on a CFTC-regulated platform. The move comes as crypto enthusiasts work to make digital assets more mainstream, including efforts to win regulatory approval for a more diverse set of tradable offerings of crypto-related exchange traded funds.
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