Coinbase to Move $227 Million Book to Venue Holding More Than 96% of Its Derivatives

Coinbase is preparing to transfer about $227 million in assets from its International Exchange book to an offshore venue that already holds more than 96% of the company’s derivatives, according to CryptoSlate. The move is scheduled for Sept. 9, based on a snapshot dated Sept. 1. The transfer represents a significantly smaller book than the derivatives activity already concentrated on the dominant offshore venue. The information highlights a further shift in Coinbase’s derivatives operations toward that platform, although the supplied details do not identify the venue or specify which contracts are included. CryptoSlate reported that the cutover will involve the International Exchange book and described the receiving venue as the leading location for Coinbase’s derivatives by share.