Technology

Coinbase Adds DOT, XRP, DOGE to Its Futures Market Lineup – Crypto News

Published

1 year ago

February 23, 2024

Dripp

Coinbase, a leading cryptocurrency exchange, has announced the addition of Polkadot (DOT), XRP, and Dogecoin (DOGE) to its lineup of perpetual futures contracts. This expansion is available on Coinbase International Exchange and Coinbase Advanced trading platforms. The move signifies Coinbase’s ongoing efforts to diversify its trading options and cater to a broader audience of international traders. The inclusion of these cryptocurrencies into the futures market underscores the growing demand for more varied investment products in the digital asset space.

The newly introduced DOT-PERP and futures contracts for XRP and DOGE are now fully operational on the Coinbase International Exchange and Coinbase Advanced platforms. This development places Polkadot alongside other major cryptocurrencies, such as Solana (SOL), Optimism (OP), Arbitrum (ARB), and Ethereum Classic (ETC), which have previously been listed as perpetual futures on the platform. The Coinbase International exchange, operational since May 2023 in Bermuda, initially launched with BTC and ETH perpetual futures. It has since expanded its offerings to include many major cryptocurrencies.

Coinbase International Exchange Achieves Trading Milestone

Coinbase’s International Exchange has recently been celebrated with a major highlight, topping $1 billion in notional contract volume traded within 24 hours for their perpetual futures products. This achievement shows how the exchange has gained influence and succeeded in the crypto futures market.

It unfolds traders’ diverging interests and increased participation in using futures contracts for hedging and speculative purposes. Furthermore, Thalia stated that introducing DOT, XRP, and DOGE to the futures lineup will increase trading volumes among traders and provide more opportunities to diversify their trading strategies.

The Global Coinbase exchange, yet accessible to non-US users in some jurisdictions, has grown quickly and has become an important stakeholder in the global cryptocurrency market. Coinbase’s location in Bermuda and the expanse of cryptocurrency futures derivatives clearly show the crypto exchange’s long-term global expansion and effort to democratize access to advanced trading tools for a wider user base. Trading volumes traded and consistent growth of the available cryptocurrencies list show the leading position of the exchange among the platforms for cryptocurrency investments.

Coinbase on Ethereum ETF

In related news, Coinbase has recently addressed the approval request for Grayscale’s Ethereum spot ETF listing application. The application, which aims to transform the Grayscale Ethereum Trust into a spot Ethereum ETF, has garnered attention from various stakeholders in the cryptocurrency community.

Paul Grewal, the chief legal officer at Coinbase, emphasized in a letter that Ethereum (ETH) should not be classified as a security. He argued that before and after Ethereum’s transition to a Proof of Stake mechanism, regulatory bodies such as the SEC, the CFTC, and market participants have consistently treated ETH as a commodity.

Grewal highlighted the robust governance of Ethereum’s Proof of Stake mechanism, pointing out factors such as ownership distribution, consensus mechanisms, liquidity, and governance practices. According to Grewal, these factors mitigate risks related to fraud and market manipulation, bolstering the case for the approval of the Ethereum spot ETF.