Coinbase has introduced 24/7 Bitcoin and Ethereum futures trading for U.S. users via its CFTC-regulated arm, Coinbase Derivatives, marking a first in the U.S. regulated derivatives market
Beginning on May 9, traders will have the ability to access crypto futures at any time, including on weekends, providing them with the ability to manage risk and execute transactions continuously.
This development occurs just one day after Coinbase disclosed its $2.9 billion acquisition of Deribit, a crypto derivatives exchange, thereby bolstering its aspirations in the global derivatives market.
Regulatory crypto markets are brought closer to the always-on nature of digital assets by the round-the-clock futures product, which is accessible to both retail and institutional users.
CFTC approval for Coinbase trading
The infrastructure of Coinbase Derivatives facilitates continuous trading and clearance, with all transactions being processed through the CFTC-approved clearinghouse Nodal Clear.
The company stated that Virtu Financial, a market maker, is providing liquidity support, while distribution is bolstered by firms such as ABN AMRO, Wedbush Securities, and Coinbase Financial Markets.
Additionally, Coinbase intends to implement perpetual-style futures for U.S. users, which are currently among the most widely used crypto derivatives worldwide, within a regulated framework.
As a result of a 17% decrease in consumer trading volume from the previous quarter, Coinbase reported first-quarter revenue of $2.03 billion, which fell short of Wall Street’s estimate of $2.12 billion.
In spite of the rise in stablecoin revenue, adjusted earnings decreased to $1.94 per share, and total net income experienced a significant decline from the previous year.
