Coinbase launches crypto derivatives product
Coinbase Derivatives Exchange, formerly FairX, is introducing its first crypto derivatives product this month to attract more retail traders.
According to a statement from CoinDesk, the CFTC-regulated futures exchange will launch its derivatives product, Nano Bitcoin futures (BIT), on June 27. “We anticipate that greater product development and accessibility will unlock tremendous growth in the crypto derivatives sector,” the statement stated.
Coinbase also stated that it is awaiting regulatory permission for its own futures commission merchant (FCM) license to provide its clients with margined futures contracts.
The launch comes when the crypto market is highly unpredictable, as evidenced by the stunning collapses of Terra’s LUNA, crypto lender Celsius, and crypto firm Three Arrows Capital (3AC). Bitcoin’s price has dropped nearly 56% this year, while Ethereum’s native token ether has fallen about 70%.
Coinbase acquired FairX earlier this year to introduce cryptocurrency derivative products. After getting regulatory clearances in late 2020, FairX started its futures exchange platform in May 2021.
Top cryptocurrencies experienced a considerable increase in the last 24 hours due to a global risk-on mentality, with Polygon, Avalanche, XRP, and Solana leading the returns chart.
Polygon saw the most significant increase in market value among the top 20 cryptos, rising 23.81 percent to $0.6122. Avalanche increased 17.53% to $19.62.
Cardano gained 5.95% to $0.4984. Polkadot and Dogecoin gained 6.66% and 4.42 %, respectively.
Bitcoin, the largest cryptocurrency, rose 4.17 percent in the last 24 hours to surpass the $21,000 mark at $21,252, bringing its one-week gains to 2.56 percent. BNB increased 6.79% to $233.42.
The worldwide cryptocurrency market valuation was $942.31 billion, up 4.57 percent in the previous 24 hours. However, global cryptocurrency trading volume fell 7.46% to $61.55 billion.
Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Thursday that it has partnered with Cristiano Ronaldo to promote non-fungible tokens (NFTs). As part of the multi-year partnership, the Portuguese soccer star and Binance will collaborate to create a series of NFT collections for sale on the cryptocurrency exchange’s website, with the first collection set to be launched later this year.
