Altcoins
Coinbase Expands Derivatives Marketplace with New Altcoin Offerings
Coinbase expands its derivatives exchange by introducing future contracts for popular altcoins including Shiba Inu, Polkadot, Stellar, avalancheAnd Chain link.
The company revealed this through a series of applications submitted to the United States Commodity Futures Trading Commission (CFTC) on June 28.
Coinbase continues to diversify its financial products
Coinbase says these derivatives offerings will help customers manage risk, speculate on price movements, and engage with reduced initial capital. The company added that the move would improve the overall trading experience of its users with a diversified product range.
The applications indicate that Coinbase has elected self-certification under CFTC Regulation 40.2(a). This choice speeds up the listing process by bypassing direct CFTC approval. If approved, the new products could launch on or after July 15 and increase the company’s financial product offerings to 15, including 13 crypto-related products and three non-crypto products like gold and oil raw.
Learn more: Best Crypto Derivatives Exchanges in 2024
Meanwhile, Coinbase highlighted the unique features of each new offering. avalanchethe asset with the largest market capitalization among the five, supports custom blockchain networks or subnets. This makes it attractive for Challenge projects, digital collectibles and other blockchain-based applications.
The exchange led by Brian Amrstong said it chose Shiba Inu because of its growing importance among memecoins. According to the company, the project team is working to expand its utility beyond being “highly speculative and volatile” by focusing on real world applications. According to him, these measures will contribute to its long-term sustainability and relevance in the crypto space.
Learn more: Coinbase Review 2024: Best Cryptocurrency Exchange for Beginners?
Coinbase chose Chainlink because it is popular among developers to improve Smart contract functionality with real-world dataHe said he chose Stellar because its native currency can serve as a bridge for cross-border transactions. Peas was selected because it is unique capable of achieving true interoperability between different blockchains.
“Coinbase Derivatives is excited to lead market accessibility, as the first U.S. futures exchange to offer margined futures contracts for these assets and we look forward to seeing the maturation of these derivatives contracts in a regulated market,” the company said. added.
Disclaimer
In accordance with the Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently verify the facts and seek professional advice before making any decisions based on this content. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.