Coinbase agreed to acquire Dubai-based Deribit, a major crypto derivatives exchange, for $2.9 billion, the largest deal in the crypto industry to date.

The transaction – the crypto sphere’s largest of the year – positions Coinbase to boost its international foothold and diversify its trading revenue.

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,