Coinbase Inc. (NASDAQ:COIN), in its efforts to expand its crypto derivatives offerings globally, considered buying FTX's European branch after the latter's bankruptcy in November, according to Fortune. 

FTX Europe, prior to its parent company's downfall, was the sole provider of a sought-after type of crypto derivative known as perpetual futures or "perps" in Europe, leveraging a crucial regulatory license from Cyprus.

This entity was initially purchased by FTX for $376 million towards the end of 2021.

As Benzinga's Future of Digital Assets conference on Nov. 14 will highlight, such strategic moves and acquisitions play a pivotal role in the evolving digital asset landscape.

Despite FTX's challenges, FTX Europe continued to attract numerous users, as indicated by its financial records, Fortune reported.

The unique value of its license, which could only change hands through an acquisition, attracted several potential buyers.

This led to the auctioning of various segments of the once-dominant empire established by Sam Bankman-Fried. Among those showing interest were Crypto.com, a crypto exchange based in the Philippines and led by an ex-Binance executive, and FTX FDM, an FTX branch in the Bahamas now overseen by liquidators appointed by the nation's Supreme Court.

Messages scrutinized by Fortune reveal that Coinbase showed interest in acquiring FTX Europe shortly after its bankruptcy and even in early September 2023, with one of its European executives probing the acquisition's feasibility.

Also Read: Ethereum Network Activity 'Rather Disappointing' After Shanghai Upgrade: JPMorgan

However, a source close to the discussions confirmed to Fortune that Coinbase has since withdrawn from potential acquisition talks.

The renewed interest from Coinbase and another crypto entity, Trek Labs, as per documents, adds complexity to the bankruptcy estate's position as it remains open to offers.

An insider shared that the deadline for a potential sale has been pushed from Sep. 17 to Sep. 24, leaving the door open for a possible acquisition.

Read Next: CoinShares Launches Hedge Fund Division In The US, Targeting Institutional Investors

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event – Future of Digital Assets. Tickets are flying-  get yours! 

Photo: Shutterstock