Coinbase’s Offshore Derivatives Exchange Sees Soared Daily Volume

Coinbase’s offshore derivatives exchange saw an increase in daily trading volume, reaching $287 million on August 18.

Volume growth on Coinbase’s offshore exchange showed that the exchange reached $300 million in volume. This growth in the platform amounted to $300 million per day.

Coinbase’s offshore derivatives exchange hits $300 million in daily volume

Coinbase’s offshore derivatives exchange reached $300 million in volume on a daily basis.

This offshore derivatives exchange offers trading in perpetual futures contracts and was launched in May. Since August 14, the daily trading volume has exceeded $100 million, and finally, on August 18, the daily trading volume reached $287 million.

Coinbase has said that it aims to accelerate its global expansion by opening this new exchange. These expansion efforts have come under the influence of factors such as Coinbase’s ongoing legal battle with the SEC, as well as the uncertain regulatory environment in the US. Coinbase opens its offshore derivatives exchange, adding 50 institutions as customers in the new market, with $5.5 billion traded in the first seven weeks.

However, overall bitcoin futures volumes have seen a steady decline. Volume reached its peak in the spring, falling from $1.3 trillion in March to $608 billion in July.