CEO Brian Armstrong added that Deribit’s acquisition is his company’s “biggest move yet” to expand internationally.

US cryptocurrency exchange Coinbase has agreed to buy Dubai’s Deribit for $2.9bn in the digital market’s largest ever deal as the industry prepares for an expected wave of demand from asset managers and banks.

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