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

Coinbase, the largest publicly traded cryptocurrency exchange, said on Thursday it will buy derivatives exchange Deribit in a $2.9 billion deal to expand into the crypto options markets. The move underscores a push by crypto firms to widen their institutional investor base,

Coinbase Global Inc. agreed to acquire Deribit, the world’s largest exchange for Bitcoin and Ether options, for $2.9 billion as the biggest US crypto exchange makes a push into the derivatives market.