Coinbase
Derivatives
plans
to
launch
margined
futures
contracts
for
Avalanche
(AVAX),
Chainlink
(LINK),
Polkadot
(DOT),
Stellar
(XLM),
and
Shiba
Inu
(SHIB).

On

June
28,
the
service
published
an
announcement
and
submitted
filings
to
the
CFTC
to
list
each
contract
under
a
self-certification
model.

 

It
intends
to
launch
the
products
on
July
15.

Coinbase
Derivatives
said
it
is
the
first
US
futures
exchange
to
offer
margined
futures
contracts
for
each
token
and
is
“excited
to
lead
market
accessibility.”

The
company
added:

“We
look
forward
to
seeing
the
maturation
of
these
derivatives
contracts
in
a
regulated
market.”

Coinbase
Derivatives
said
the
contracts
will
allow
participants
to
manage
risk,
speculate
on
price
movements,
and
invest
with
lower
upfront
capital
requirements.

The
exchange
added
that
it
will
cooperate
with
the
clearing
house
Nodal
Clear,
third-party
futures
commission
merchants
(FCMs),
and
retail
brokers.

Price
unaffected

The
five
tokens
did
not
experience
a
significant
price
move
on
the
news
and
have
mostly
been
following
the
wider
market
downtrend.

 

As
of
press
time,
LINK
was
trading
at
$13.7,
down
4.3%
over
the
past
24
hours.
SHIB
was
down
3.7%
and
trading
at
$0.00002
per
token,
while
DOT
was
down
1.9%
to
$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,
as
of
press
time.

Coinbase
Derivatives
traded
$34
million

CoinGecko
data
indicates
that
Coinbase
Derivatives
experienced
$34.1
million
in
24-hour
open
interest
and
$971.8
million
in
24-hour
volume
on
June
28.

The
service
already

offers
various
contracts,
including
Bitcoin
(BTC)
and
Ethereum
(ETH)
futures,
BTC
nano
futures,
and
ETH
nano
futures.
In
April,
it

 

added
Dogecoin
(DOGE),
Litcoin
(LTC),
and
Bitcoin
Cash
(BCH)
futures.
It
also
offers
crude
oil
and
gold
contracts.

The
US-focused
derivatives
service
is
distinct
from
Coinbase’s
international
exchange.
Coinbase
opened
the
latter
service,
based
in
Bermuda,
with
an
initial
focus
on
derivatives
in

2023
and
has
since

expanded
it
beyond
it
into
other
trading.

Mentioned
in
this
article

Go to Source
Author: Mike Dalton

Recommended Crypto Services, Products and Strategies: