Altcoins
Coinbase launches CFTC-regulated futures trading for 5 altcoins
Monetary base Derivatives Plan to Launch Margined Futures Contracts for Avalanche (AVAILABLE), Mesh Sweater (CONNECTION), Polka dot (POINT), Stellar (XLM) and Shiba Inu (SHIBISCOPE).
ON June 28the service has published an announcement and submitted documents to the CFTC to list each contract according to a self-certification form.
It intends to launch the products on July 15.
Coinbase Derivatives said it is the first U.S. futures exchange to offer margined futures contracts for each token and is “excited to drive market accessibility.”
The company added:
“We look forward to seeing these derivative contracts mature into 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 will partner with clearing house Nodal Clear, third-party futures commission merchants (FCMs) and retail brokers.
Price unchanged
The five tokens did not experience significant price changes following the news and mostly followed the broader market downtrend.
At 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% at $6.19 per token.
Two assets saw near-zero changes: XLM dropped 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
CoinGecko data indicates that Coinbase Derivatives saw $34.1 million in 24-hour open interest and $971.8 million in 24-hour volume on June 28.
Already the service offers various contractsincluding Bitcoin (BTC) and Ethereum (ETH) futures, nano BTC futures and nano ETH futures. In April, added Dogecoin (DOGE), Litcoin (LTC) and Bitcoin Cash (BCH) futures. It also offers contracts on crude oil and gold.
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 derivatives 2023 and since then he expanded it further in other negotiations.
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