By
Temitope Olatunji
April 18th, 2024
The crypto derivatives market is one of the most successful trading markets at present and has processed more than $143 billion worth of transactions in the past 24 hours.
Coinbase, one of the leading cryptocurrency exchanges in the world, has decided to offer crypto derivatives and futures to its consumers. The organization broke the news of their move on Twitter and mentioned that it is time for them to broaden their operations and expand their network to accommodate multiple trading alternatives on their platform including crypto futures and derivatives.
Coinbase further explained that their primary goal of introducing derivatives services as a trading exchange is to strengthen the crypto economy by introducing new concepts and trading mechanisms to keep the investors committed and engaged. The exchange has already applied with the National Future Commission to become a registered FCM member.
Coinbase’s application is still showing a pending status on NFA’s website. If approved, Coinbase will then move towards the second step of the procedure, which will involve registering with the Commodity Futures Trading Commission to obtain necessary permission and authorization.
The crypto derivatives market is one of the most successful trading markets at present and has processed more than $143 billion worth of transactions in the past 24 hours. Crypto futures have become a viable source to derive profits through speculative pricing. The method protects the investors against turbulent market fluctuation allowing them to secure their profits systematically.
Coinbase had previously filed for a USD coin lending product with SEC (Securities and Exchange Commission) that was not approved. The exchange is now heading with a crypto futures undertaking and is hoping to get an early approval without encountering any additional issues.
Coinbase has emerged as a leading crypto exchange that has facilitated smooth crypto proceedings and trading for consumers over the years. The exchange was founded in 2012 by Brian Armstrong and Fred Ehrsam and has been accredited as one of the largest cryptocurrency exchanges in the USA offering a wide variety of cryptocurrency for trading purposes.