Coinbase Global Inc. has been authorized to directly sell cryptocurrency derivatives to retail consumers in the US. According to a company spokesperson, the offering will be launched within a few weeks.
Coinbase has been working to push derivatives for some time. It applied for National Futures Association (NFA) authorization almost two years ago.
In early 2022, it bought the FairX futures exchange, which was already registered with US regulators. Renamed Coinbase Derivatives Exchange, it currently directs traders to buy futures from third parties such as brokers.
But once it receives NFA authorization, Coinbase will be able to provide these same derivatives to users directly, initially through the main Coinbase app.
The company has recently introduced derivatives overseas. In May, it announced the launch of Coinbase International Exchange, which allows institutional users located in eligible jurisdictions outside the US to trade perpetual futures. According to the website, trading volume on the international exchange totaled $2.52 billion over the past 30 days.
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