Coinbase Files to Offer Cryptocurrency Futures and Derivatives Trading
Cryptocurrency exchange Coinbase has filed an application with the National Futures Association (NFA) to offer futures and derivatives trading on its platform. The exchange says its new offerings aim to “Further grow the cryptoeconomy.”
Coinbase Registers to Offer Crypto Futures and Derivatives Trading
Coinbase Global Inc. (Nasdaq: COIN) announced Wednesday via Twitter that it has filed an application with the National Futures Association (NFA) to register as a Futures Commission Merchant (FCM). The exchange wrote:
This is the next step to broaden our offerings and offer futures and derivatives trading on our platforms.
The exchange added that its goal is to “Further grow the cryptoeconomy.” The filing shows that the company is registered as Coinbase Financial Markets Inc.
Crypto derivatives have become a huge market and most major cryptocurrency exchanges offer derivatives trading, including Binance, Okex, FTX, CME Group, and Kraken.
In April, Coinbase announced that it had acquired Skew, a crypto data analytics firm that specializes in tracking the derivatives market.
Coinbase is currently raising funds by issuing bonds. Initially, the company planned to issue $1.5 billion worth of senior notes. However, due to high interest, it has raised the amount to $2 billion. Coinbase said it intends to use the net proceeds from the offering “for general corporate purposes, which may include continued investments in product development, as well as potential investments in or acquisitions of other companies, products, or technologies that Coinbase may identify in the future.”
What do you think about Coinbase offering derivatives trading? Let us know in the comments section below.
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Author: Kevin Helms