Coinbase has filed an application with the National Futures Association (NFA) to register as a futures commission merchant. According to the official filing published on 15 September, the company is registering as Coinbase Financial Markets Inc.
“This is the next step to broaden our offerings and offer futures and derivatives trading on our platforms,” the company said in a tweet, adding that the goal of the offering was to further grow the crypto economy.
Bloomberg noted that cryptocurrency derivatives have long been a glaring hole in Coinbase’s product portfolio — most of Coinbase’s biggest competitors, including Binance, FTX, OKEx, Kraken, and CME Group, already offer crypto futures and options.
The exchange is reportedly looking to grow its suite of products and make them less dependent on spot trading fees. Earlier this year, Coinbase acquired Skew, a cryptocurrency analytics company used to track the derivatives market.