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Coinbase all set to roll out BTC and ETH Futures on June 5

The largest cryptocurrency exchange in the United States, Coinbase, declared on June 1 that on June 5, Bitcoin (BTC) and Ethereum (ETH) futures contracts will go live on its derivatives market, which is a futures exchange governed by the CFTC. It further said that institutional investors would have access to these future instruments.

According to crypto exchange, institutional-scale contracts would be set at 1 BTC and 10 ETH to help its clients manage risks. The exchange decided to release these goods in reaction to the feedback it obtained after the release of its nano Bitcoin (BIT) and nano Ether (ET) contracts.

It further stated that Coinbase Derivatives Exchange will provide creative solutions to meet the demands of institutional players.

The creation of a derivatives exchange in Bermuda had been previously disclosed by Coinbase as a part of its global expansion strategy. 

It further stated that the platform will first permit traders to use perpetual derivatives with 5X leverage to speculate on the prices of ETH and BTC. The Circle stablecoin, USDC, will be used to settle all trades.

This action by Coinbase arrives at a time when the cryptocurrency exchange is battling for legal clarification regarding the trade of cryptocurrency in the United States. 

In response to the cryptocurrency exchange’s request for an order of mandamus, the SEC said that the regulatory process might take several years and that they are not in a rush.

The agency stated that it would use legal measures to bring about greater clarity on  assets. Nevertheless, SEC asserted that Chair Gary Gensler’s public remarks are neither official instructions nor commission policy statements.

This means that the largest cryptocurrency exchange in the US may introduce more cryptocurrency products abroad while looking for clarity within its own country.

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