Coinbase International has announced the launch of perpetual futures trading for the memecoin dogwifhat ($WIF) for non-US users in certain jurisdictions, starting April 25th. This move marks a significant expansion in Coinbase’s offerings, particularly in the growing derivatives market.
Key Takeaways
- Coinbase International Exchange (CIE) and Coinbase Advanced will introduce perpetual futures trading for $WIF on April 25th at 9:30 UTC.
- The service is available to non-US users in selected jurisdictions.
- This launch follows a year after Coinbase received regulatory approval to offer perpetual futures to non-US clients.
- The derivatives market has seen significant growth, with trading volumes increasing by 86.5% last month.
Perpetual Futures Trading on $WIF
Coinbase International Exchange (CIE) and Coinbase Advanced are set to introduce perpetual futures trading for the memecoin dogwifhat ($WIF) by the end of this month. Trading services for non-US users will commence on April 25th at 9:30 UTC, as announced by CIE on social media platform X.
This launch comes after Coinbase postponed its plans to introduce perpetual futures based on Pepe, which was initially scheduled for April 18th. The decision to expand perpetual futures offerings follows a year after Coinbase obtained regulatory approval to offer these products to non-US clients in selected jurisdictions.
Regulatory Challenges in the US
While Coinbase has successfully launched perpetual futures for non-US clients, obtaining similar approval in the United States has proven more complex. American regulatory authorities have been cautious in authorizing futures based on cryptocurrencies. However, last year, Coinbase received approval from the National Futures Association to offer cryptocurrency futures trading to a limited number of US retail traders through Coinbase Advanced.
Growth in the Derivatives Market
Coinbase’s expansion into perpetual futures trading comes at a time of significant growth in the derivatives market. Last month, trading volumes of derivatives surged by 86.5%, reaching $6.18 trillion, according to CoinDesk. This growth highlights the increasing interest and activity in the derivatives sector, making Coinbase’s new offerings particularly timely.
Conclusion
Coinbase’s introduction of perpetual futures trading for $WIF represents a strategic expansion in its product offerings, catering to the growing demand in the derivatives market. As the crypto exchange continues to navigate regulatory challenges, its latest move underscores its commitment to providing diverse trading options for its global user base.
Sources
- Coinbase adds new perpetual crypto futures trading on $WIF, The Cryptonomist.
