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.
Key Takeaways
- Coinbase International Exchange (CIE) and Coinbase Advanced will introduce perpetual futures trading for $WIF.
- Trading services will be available for non-US users starting April 25th at 9:30 UTC.
- The launch follows a year after CIE obtained regulatory approval for perpetual futures trading for 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. The 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 move comes approximately a week after Coinbase postponed its launch plans for perpetual futures based on Pepe. The opening of 1000PEPE-PERP on CIE was initially scheduled for April 18th.
Regulatory Approval and Market Growth
CIE’s initiative to launch a series of perpetual futures offerings on cryptocurrencies follows a year after obtaining regulatory approval to offer these products to non-US clients in selected jurisdictions. However, obtaining similar approval in the United States has been more complex due to cautious regulatory authorities.
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.
The derivatives market has been experiencing significant growth. Last month, trading volumes of derivatives surged by 86.5%, reaching $6.18 trillion, according to CoinDesk.
Expansion of Offerings
Coinbase is not the only platform expanding its offerings. Recently, both Coinbase and Binance have added support for a new altcoin project, Omni Network (OMNI), based on Ethereum. Omni Network aims to integrate the Ethereum rollup ecosystem into a unified network.
Coinbase has labeled OMNI as “experimental,” indicating it is a riskier token with lower liquidity. Meanwhile, Binance has added OMNI to its Launchpool, allowing users to stake coins to cultivate new resources before listing the token for spot trading.
Significant Transfers in the Crypto Space
In other news, Celsius Network, a cryptocurrency lending platform, has transferred $24.5 million in Ethereum (ETH) tokens to Coinbase. This transfer, involving 8,091 units of Ethereum, is one of the most substantial in the industry and reflects Celsius Network’s financial recovery strategy.
Celsius Network has been actively moving assets across various centralized exchanges and has recently started repaying its crypto and fiat creditors, consolidating the completion of its bankruptcy procedure.
Sources
- Coinbase adds new perpetual crypto futures trading on $WIF, The Cryptonomist.
