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 marks a significant expansion in Coinbase’s 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 for 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. This announcement was made by CIE in a post on X.
The introduction of perpetual futures trading for $WIF comes after a postponed launch of perpetual futures based on Pepe. The opening of 1000PEPE-PERP on CIE was initially scheduled for April 18th.
Regulatory Approval and Market Context
Coinbase’s push 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.
Growth in the Derivatives Market
Coinbase is expanding its offerings of perpetual futures in a context of significant growth in the derivatives market. Last month, trading volumes of derivatives increased by 86.5%, reaching $6.18 trillion, as reported by CoinDesk.
Additional Developments
In addition to the new perpetual futures trading on $WIF, Coinbase and Binance have expanded their support for a new altcoin project, Omni Network (OMNI). Omni Network aims to integrate the Ethereum rollup ecosystem into a unified network. Coinbase has classified OMNI as an "experimental" token, while Binance has added it to Binance Launchpool.
Furthermore, Celsius Network, a cryptocurrency lending platform, recently transferred $24.5 million in Ethereum to Coinbase, marking one of the most substantial transfers in the industry. This move is part of Celsius Network’s financial recovery strategy, which includes repaying its crypto and fiat creditors for a total of $3 billion.
Sources
- Coinbase adds new perpetual crypto futures trading on $WIF, The Cryptonomist.
