Markets
Coinbase to Launch CFTC-Regulated Futures Trading for 5 Altcoins
Coinbase Derivatives plans to launch margined futures contracts for Avalanche (AVAX), Chain link (LINK), Peas (POINT), Stellar (XLM), and Shiba Inu (SHIB).
On June 28The service issued an announcement and submitted filings to the CFTC to list each contract under a self-certification model.
It plans to launch the products on July 15.
Coinbase Derivatives said it was the first U.S. futures exchange to offer margined futures for every token and was “excited to lead market accessibility.”
The company added:
“We look forward to seeing these derivative contracts mature in a regulated market.”
Coinbase Derivatives said the contracts will allow participants to manage risk, speculate on price movements and invest with lower initial capital requirements.
The exchange added that it would cooperate with clearing house Nodal Clear, third-party futures brokers (FCMs) and retail brokers.
Price unchanged
All five tokens did not see any significant price movement on the news and mostly followed the broader market downtrend.
At press time, LINK was trading at $13.7, down 4.3% in the last 24 hours. SHIB was down 3.7% and trading at $0.00002 per token, while DOT was down 1.9% at $6.19 per token.
Two assets saw near-zero changes: XLM fell 0.3%, while AVAX gained 0.3%. The two tokens were trading at $0.09 and $27.98, respectively, at press time.
Coinbase Derivatives traded $34 million
Data from CoinGecko indicates that Coinbase Derivatives saw $34.1 million in 24-hour open interest and $971.8 million in 24-hour volume on June 28.
The service already offers various contractsincluding Bitcoin (Bitcoin) and Ethereum (ETH) futures, BTC nano futures and ETH nano futures. In April, it added Dogecoin (DOGE), Litcoin (LTC) and Bitcoin Cash (BCH) futures contracts. It also offers crude oil and gold contracts.
The U.S.-focused derivatives service is separate from Coinbase’s international exchange. Coinbase opened the latter service, based in Bermuda, with an initial focus on Bermuda derivatives. 2023 and since extended it beyond in other exchanges.
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