Coinbase Files Application to Offer Crypto Derivatives and Futures
- Coinbase’s application to register as a futures commission merchant with the NFA is currently pending.
- The exchange wants to tap into the derivatives market and become less dependent on spot trading.
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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.
- A little over $13 million in altcoins were sent to crypto exchanges Binance and Coinbase in the past 24 hours, which is in accordance with a September court order.
- The court ordered a phased liquidation process, which allows the bankruptcy estate to sell $3.4 billion worth of digital assets over a certain period of time.
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- Coinbase’s Base blockchain was made available to the public on Wednesday, featuring over 100 dApps and services as part of its ecosystem.
- In order to show its capabilities and promote its mainnet partners, Base has also launched an event called “Onchain Summer” that will allow users to mint exclusive NFTs on the network.
- During an interview with FT, CEO Brian Armstrong said that before the lawsuit a SEC staff member had said that all crypto except BTC was security, and should be delisted.
- When asked how he came to that conclusion, the SEC staff member reportedly said “we’re not going to explain it to you, you need to delist every asset other that Bitcoin”.