Through its recent announcement, Coinbase has expressed plans to launch MATIC and Bitcoin Cash perpetual futures contracts on both Coinbase International Exchange and Coinbase Advanced. The analysts have pointed out that the move follows a surge in trading volumes.
Quick Take:
- Coinbase continues the expansion of its crypto futures options.
- The surge in trading prices highlights a positive crypto market sentiment.
- Coinbase’s ongoing legal battle with the SEC remains a point of concern.
- Despite regulatory uncertainties, Coinbase’s resilience in the crypto market is evident.
It would become possible for users to begin trading MATIC-PERP and BCH-PERP contracts on December 7 this year. The recent development indicates an exciting move by the exchange to drastically increase its perpetual contract offerings.
Coinbase Expands Crypto Futures Offerings
Coinbase launched the Coinbase International Exchange to aid non-US institutional investors in trading perpetual futures in May. Similarly, it also gains the support of regulatory approval to enable perpetual futures for eligible non-US retail customers in September.
The cryptocurrency exchange recently added a perpetual listing for Cardano (ADA), Chainlink (LINK), Dogecoin (DOGE), and Stellar (XLM). As of now, many in the broader crypto market believe that Coinbase has diversified its offerings in hopes of accommodating the demand for more cryptocurrency trading options.
Similarly, these new trading options would grant investors access to more cryptocurrencies, including Bitcoin and Ethereum, which have been listed since the platform was launched to non-US customers.
Coinbase’s initiative to develop perpetual futures contracts for various cryptocurrencies is part of its commitment to innovation and customer satisfaction. By harnessing the capabilities of perpetual futures contracts, it would become possible for traders to speculate on cryptocurrency price changes without owning the assets.
MATIC and BCH Trading Prices Surge
Following the announcement of the individual perpetual contracts for these assets, a decent surge in trading prices was seen.
Bitcoin Cash surged by approximately 1.72% over the previous 24 hours, with the asset recently trading for $229.83. The market cap currently stands at the $4.49 billion mark, and the trading volume has surged by a whopping 45.88%.
As far as MATIC is concerned, the digital asset has surged by almost 0.92% over the previous 24 hours. The token is currently trading for $0.812, and the market cap stands at the $7.5 billion mark. However, the trading volume was seen to be on the lower side following its decline of approximately 3.14%.
Despite the positivity that these new perpetual contracts have for Coinbase, there’s still an important element that must be taken into consideration. Coinbase has been involved in a heated legal battle with the SEC for a while now. Therefore, any decision in this dispute could impact the platform’s operations along with its regulatory status.
Nonetheless, Coinbase’s recent market performance, coupled with strategic expansion, demonstrates its resilience within the crypto industry. The next quarter can prove to be very critical for the platform in setting a tone for the longer run.
