Coinbase's FairX acquisition prompts a 'one-stop-shop' for crypto financial services, analyst says

Coinbase's (NASDAQ:COIN) recent move to buy regulated crypto derivatives exchange FairX opens its door to a "one-stop-shop" for digital asset financial services, Needham analyst John Todaro writes in a note to clients. The acquisition expands Coinbase (COIN) into the high-in-demand derivatives market, competing with decentralized and international exchanges that already offer derivatives products, especially in the U.S. Perhaps Coinbase's (COIN) largest rival will be CME Group (NASDAQ:CME), which transacted in approximately $11.9B notional for its bitcoin (BTC-USD) futures offering on a month-to-date basis, Todaro notes. Recently, CME Group expanded its crypto derivatives offering with Micro Ether futures. "In the US, we believe CME is the main competitor to COIN," Oppenheimer analyst Owen Lau writes in a note to clients. "It will be interesting to see how COIN will compete against CME and its ambition in global expansion," he adds. Additionally, CBOE Global Markets (BATS:CBOE) is another diversified exchange that is