Monday, June 17, 2024
HomeBTCCoinbase plans to offer 'Nano' Bitcoin Futures via derivatives exchange

Coinbase plans to offer ‘Nano’ Bitcoin Futures via derivatives exchange

On June 24, a cryptocurrency exchange platform, Coinbase, announced their plans to enter into the realm of cryptocurrency derivatives with the launch of a nano bitcoin futures product (BIT). Coinbase is working with a team of experienced market makers and hedgers who are used to handling regulated futures markets. The new product BIT is connected to 1/100th of a bitcoin on the Coinbase Derivatives Exchange (formerly called FairX). 

Coinbase acquired the derivatives exchange Fairx in mid-January 2022, announcing that it will use Fairx’s exchange infrastructure. “This is an important step toward Coinbase ultimately making the derivatives market accessible to our millions of customers through an industry-leading, simplified user experience,” stated Coinbase. While Coinbase Derivatives Exchange will oversee the nano bitcoin futures product, buyers will be able to purchase BIT on June 27 via retail stock brokers.

“We want to combine the capabilities and pricing structure of Coinbase Pro into a single unified Coinbase account that will provide our consumers with the option of an advanced trading experience or the simplicity of the Coinbase consumer app,” Coinbase added. 

The CME Group and the FTX-acquired Ledgerx will also sell nano-based crypto futures, so Coinbase will not be the only one providing them. CME Group introduced micro bitcoin and micro ether futures at the end of March, with each product being one-tenth the size of one bitcoin or ether. Investors may engage in bitcoin micro futures contracts via FTX US Derivatives (formerly Ledgerx) with as low as 0.01 BTC.

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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