Coinbase International has announced the launch of perpetual futures trading for $WIF, a memecoin based on Solana, for non-US users in certain jurisdictions starting April 25th. This move comes as part of Coinbase’s broader strategy to expand its offerings 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 launch is limited to non-US users in selected jurisdictions.
- This follows a postponed launch of perpetual futures based on Pepe.
- Coinbase obtained regulatory approval last year to offer perpetual futures to non-US clients.
- The derivatives market saw an 86.5% increase in trading volumes last month, reaching $6.18 trillion.
Perpetual Futures Trading on $WIF
Coinbase International Exchange (CIE) and Coinbase Advanced are set to introduce perpetual futures trading for dogwifhat ($WIF +3.24%) 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 for perpetual futures based on Pepe, which was initially scheduled for April 18th. The decision to introduce a series of perpetual futures offerings on cryptocurrencies 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 obtained approval to offer perpetual futures to non-US clients, gaining 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 underscores the increasing interest and activity in the derivatives space, making it a strategic area for Coinbase’s expansion.
Conclusion
The introduction of perpetual futures trading for $WIF marks another step in Coinbase’s efforts to broaden its offerings and capitalize on the growing derivatives market. As the exchange navigates regulatory challenges and market dynamics, it continues to position itself as a leading player in the cryptocurrency trading landscape.
Sources
- Coinbase adds new perpetual crypto futures trading on $WIF, The Cryptonomist.
