The last few weeks have been eventful for Coinbase, with most of it being harmful. Despite this, the crypto firm is resolved to reclaim its reputation. According to reports, this month, the first crypto derivatives product from Coinbase Derivatives Exchange, formerly known as FairX, will be available. The goal of the launch is to entice more retail traders.
Coinbase rolls out Nano BTC amid market downturns
On Monday, Coinbase Global Inc. will launch its first crypto derivative product amid the current crypto winter. On June 27, the CFTC-regulated futures market will debut its derivatives product, Nano Bitcoin futures (BIT).
The crypto derivatives market represents $3T in volume worldwide and we believe that additional product development and accessibility will unlock significant growth.
Coinbase
The world’s largest cryptocurrency exchange, says that each Nano Bitcoin futures contract (BIT) will represent 1/100th of the token. The contracts will be accessible for trade only through a variety of third-party retail brokers and clearing firms, including ABN AMRO and Wedbush.
The BIT contract will be Coinbase’s first listed cryptocurrency derivatives product as volumes in the sector continue to break records — in the trillions of dollars. According to recent research by CryptoCompare, cryptocurrency derivatives volumes were around $3.19 trillion for May. According to the study, the derivatives market now accounts for 61.7% of the overall cryptocurrency market.
Coinbase also said it is waiting for regulatory approval on its own futures commission merchant (FCM) license to provide margined futures contracts to customers.