Coinbase Derivatives plans to launch margin futures contracts for Avalanche (AVAX), Chainlink (LINK), Polkadot (DOT), Stellar (XLM) and Shiba Inu (SHIB).
On June 28the agency published an announcement and filed documents with the CFTC to list each contract under a self-certification model.
The intention is to launch the products on July 15.
Coinbase Derivatives said it is the first U.S. futures exchange to offer margined futures contracts for any token and is “excited to lead the market’s accessibility.”
The company added:
“We look forward to seeing the maturation of these derivatives contracts in a regulated market.”
Coinbase Derivatives said the contracts will allow participants to manage risk, speculate on price movements and invest with lower upfront capital requirements.
The exchange added that it will work with clearing house Nodal Clear, third-party futures commission merchants (FCMs) and retail brokers.
Price unaffected
The five tokens experienced no significant price movement on the news and largely followed the market’s broader downtrend.
At the time of writing, LINK was trading at $13.7, down 4.3% in the past 24 hours. SHIB fell 3.7% to trade at $0.00002 per token, while DOT fell 1.9% to $6.19 per token.
Two assets saw almost no change: XLM fell 0.3%, while AVAX gained 0.3%. The two tokens were trading at $0.09 and $27.98 respectively at the time of writing.
Coinbase Derivatives traded for $34 million
Data from CoinGecko shows that as of June 28, Coinbase Derivatives had $34.1 million in 24-hour open interest and $971.8 million in 24-hour volume.
The service already offers various contracts, including Bitcoin (BTC) and Ethereum (ETH) futures, BTC nano futures and ETH nano futures. In April, it added Dogecoin (DOGE), Litcoin (LTC) and Bitcoin Cash (BCH) futures. It also offers contracts for crude oil and gold.
The US-focused derivatives service is distinct from Coinbase’s international exchange. Coinbase opened the latter service, based in Bermuda, with an initial focus on derivatives in 2023 and has since expanded it to other trading activities.
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