Coinbase, one of the world’s largest cryptocurrency exchanges by volume, is launching its derivatives exchange, known as Coinbase Derivatives Exchange, formerly known as FairX, this month, in the hopes of attracting more retail traders.
The CFTC-regulated futures exchange will launch its derivatives product, Nano Bitcoin futures (BIT), on June 27, according to a statement sent to CoinDesk. The statement further said, “The crypto derivatives market represents $3 Trillion in volume worldwide and we believe that additional product development and accessibility will unlock significant growth.”
Coinbase said it’s also awaiting regulatory approval on its own futures commission merchant (FCM) license to offer margined futures contracts for its clients.
However, large banks such as Nomura, Goldman Sachs and JPMorgan have already started trading crypto derivative contracts, as a chance for their clients to trade the volatility in the crypto market and protect against downside risks.
The BIT futures will be available for trading via several leading broker intermediaries, including retail brokers EdgeClear, Ironbeam, NinjaTrader, Optimus Futures, Stage 5, and Tradovate, and clearing firms – ABN AMRO, ADMIS, Advantage Futures, ED&F Man, Ironbeam and Wedbush, according to the statement.
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