🩸 COINBASE IS MOVING ITS INSTITUTIONAL CLIENTS ONTO DERIBIT!!
On September 9, Coinbase shifts institutional International Exchange accounts to Deribit, crypto's biggest options venue.
Trading pauses ~30 minutes, positions resettle at the same reference price, and API keys and margin loans won't carry. Anyone opting out must close up by August 28.
This is Coinbase cashing in the Deribit deal it bought. The deep institutional flow lives in options, and folding its own derivatives clients into the largest book in the space concentrates that fee stream right as its spot business bleeds on a quiet tape.