Coinbase to acquire Deribit in a USD 2.9 billion deal

By: thepaypers|2025/05/09 20:45:03

The cash-and-stock purchase follows a push by crypto firms to widen their investor base while catering to retail traders who are becoming more prevalent and modern, offering Coinbase a way to further expand into the US, Asia, and Europe. Benefits of the acquisition The deal enables Coinbase to provide crypto options to its global clients. Commonly used for hedging, these options offer stability since demand tends to remain strong during market volatility. The company already allows its customers to trade crypto futures. Coinbase’s shares jumped 5.7% after the deal, following a drop in value by 21% in 2025. The deal consists of 11 million shares of the company’s Class A common stock, as well as USD 700 million in cash. Coinbase reached a record market share in its consumer and international derivatives volume in the last quarter. If the US legalises crypto options trading and perpetuals trading domestically, Coinbase is ready to offer these services to US clients, bringing significant revenue upside. Additionally, the acquisition coincides with US President Donald Trump’s approval for digital assets and his mission to establish America as the global centre of crypto operations. More deals in the crypto market As the new US administration is expected to loosen regulations and boost investments in the sector, several crypto-related companies have plans to increase their user base, including Ripple, which bought Hidden Road, a multi-asset prime broker, for USD 1.25 billion, and Kraken, which acquired NinjaTrader for USD 1.5 billion in Q1 2025. On the same note, Stripe re-entered the crypto space with the acquisition of Bridg e, valued at USD 1.1 billion, intending to scale the capabilities of digital dollars and provide them to businesses worldwide. These deals were among the largest ones recorded within the cryptocurrency sector, underscoring the growing strategic importance of crypto-related assets.

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.

Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps

Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position

The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.

Social-Native Trading: Strategy and Execution Completed in the Same Context

Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying

On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.

By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.

Referral Mechanism: Non-institutional users can receive up to 60% fee split

Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings

This model aims to drive user-driven network expansion and organic growth.

Self-Custody Architecture and Built-in Privacy Mechanism

Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:

· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.

The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.

Regulatory Background

Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.

This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."

The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.

About Mixin

Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.