$COIN announced its approval to introduce regulated crypto futures trading to its US clientele. This monumental step promises to reshape the crypto trading landscape in the US. 🎆
Why is this such a big deal? Because Coinbase is the first US cryptocurrency exchange to offer crypto futures to US citizens.
Oh, and because nearly 75% of the trading volume in cryptocurrencies is done in the derivatives markets. 😱
In September 2021, Coinbase initiated its quest for this milestone by applying with the NFA to register an FCM (Futures Commission Merchant). The acquisition of FairX (now called Coinbase Derivatives Exchange) in 2022 was a strategic move to tap into the futures market. The exchange has already made waves with the launch of nano $BTC and $ETH futures contracts tailored for retail investors. 📜
According to Coinbase, as of 2023, the exchange boasts a staggering liquidity pool with $4.7 billion BTC and $2.0 billion ETH futures traded in notional volume.
Coinbase is all set to offer these transparent and secure markets to its customers. The company promises to roll out more details in the coming months, guiding verified US customers on accessing their futures offerings. 👍