Coinbase to Release CFTC Futures Trading

Bittime - Coinbase Derivatives is set to launch margin futures contracts for Avalanche (AVAX), Chainlink (LINK), Polkadot (DOT), Stellar (XLM), and Shiba Inu (SHIB) on July 15.

This article discusses their plans as the first futures exchange in the US, although the token has not yet experienced significant price movements.

Coinbase to Release CFTC Futures Trading

Coinbase Derivatives plans to launch margin futures contracts for Avalanche (AVAX), Chainlink (LINK), Polkadot (DOT), Stellar (XLM), and Shiba Inu (SHIB). On June 28, the service announced and submitted an application to the CFTC to include a self-certification model in each contract.

Product Launch Plans in July

They plan to launch the product on July 15. According to Coinbase Derivatives, they are excited to lead market accessibility by offering margined futures contracts for each token, making it the first futures exchange in the United States.

Some Tokens Do Not Experience Price Movement

The five tokens did not experience significant price movements on the news, and largely followed the broader market downward trend. LINK is trading at $13.7, down 4.3% from the previous 24 hours.

SHIB fell 3.7% and traded at $0.00002 per token; and DOT fell 1.9% to $6.19. The two tokens were trading at press time at $0.09 and $27.98 respectively; XLM fell 0.3%, while AVAX rose 0.3%.

Coinbase Derivatives Experiences Volume of $971.8 Million

Data from CoinGecko shows that on June 28, Coinbase Derivatives experienced $971.8 million in volume and $34.1 million in 24-hour open interest. A variety of contracts have been offered by the service, including Bitcoin (BTC) and Ethereum (ETH) futures, as well as BTC nano futures and ETH nano futures. It added Dogecoin (DOGE), Litcoin (LTC), and Bitcoin Cash (BCH) futures contracts in April. Additionally, it offers gold and crude oil contracts.

Conclusion

As the first futures exchange in the United States to offer this product, Coinbase Derivatives plans to launch margin futures contracts for several popular tokens such as Avalanche (AVAX), Chainlink (LINK), Polkadot (DOT), Stellar (XLM), and Shiba Inu (SHIB) on July 15. Although the price of the token changed little, this action shows Coinbase's efforts to increase the accessibility of the crypto derivatives market. Illustrating the strong interest in their derivatives products, Coinbase Derivatives recorded trading volume of $971.8 million on June 28.

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