Coinbase has applied to NFA (National Futures Association) to offer futures and derivatives on its platform. The goal of these new offerings is to grow the crypto-economy according to the crypto exchange.
The Crypto market has expanded exponentially in the last two years. Coinbase is the largest bitcoin Broker and exchange. An official statement was made from the Twitter handle of Coinbase global, announcing that Coinbase has applied to offer futures and derivatives.
Coinbase has applied with NFA:
The exchange expressed how they aim to further grow the crypto-economy by saying:
Today, Coinbase has applied with the NFA to register as an FCM → Futures Commission Merchant. This is the next step to broaden our offerings and offer futures and derivatives trading on our platforms.
Crypto derivative’s popularity has increased a lot and almost all big exchanges offer them on their platform. These major platforms are Kraken, FTX, CME Group, and Binance. Coinbase was trying to prepare for the derivatives market since April when they acquired Skew, a firm known for tracking down the derivatives.
Coinbase is trying to raise funds of almost $1.5 billion by issuing bonds. High-interest rates have compelled the firm to raise the amount to $2 billion. Coinbase said it intends to use the net proceeds from the offering.
For general corporate purposes, which may include continued investments in product development, as well as potential investments in or acquisitions of other companies, products, or technologies that Coinbase may identify in the future.
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