Coinbase's (COIN) $2.9 billion acquisition of Deribit will be a tipping point for the company, pushing the U.S.-based exchange into direct competition with global heavyweights like Binance, Wall Street analysts wrote on Thursday.

(Reuters) -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.

Coinbase announces the acquisition of the crypto derivatives platform Deribit. This acquisition strengthens Coinbase's position in the lucrative crypto derivatives market. Following the announcement,