Key takeout
Coinbase has launched Bitcoin and Ethereum futures trading 24/7, making it the first CFTC regulatory exchange to offer the service. This expansion includes partnerships with Nodal Clear and Virtu Financial to support ongoing leveraged full trading.
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Coinbase derivatives formally activate 24/7 trading of Bitcoin and Ethereum futures, making it the first CFTC regulated derivative exchange to provide 24/7 access to US crypto futures contracts, the exchange said in its announcement Friday.
Coinbase first revealed its initiative in March, aiming to close the gap between traditional US trading hours and the global crypto market, which accounts for more than 75% of global trading volume. Exchange offers both nano and large contracts.
San Francisco-based Crypto Exchange’s new product allows US investors to execute trading, hedge positions and manage exposure on a continuous basis. The service is designed to reflect the constant nature of the crypto market.
Exchange infrastructure is designed to support new market structures. Coinbase Derivatives clears all transactions through Nodal Clear, a CFTC regulatory clearing house whose system is built to continue operation 24/7. Liquidity is provided by major companies, including Virtu Financial.
Paul Cusenza, Chairman and CEO of Nodal Clear, said:
Transaction access is available through Futures Commission Merchants (FCMS), including ABN Amro, Wedbush Securities and Coinbase Financial Markets.
“The arrival of the 24/7 CFTC regulated market is a game changer for the industry,” said Andy Sears, CEO of Coinbase Financial Markets.
Coinbase is also working to bring permanent futures, the most widely used crypto derivative product, to the US market within its regulated framework. That effort will mark another first in the CFTC’s monitored environment, further expanding the footprint of Coinbase’s derivatives.
The launch arrived a day after Coinbase announced its $2.9 billion acquisition of renowned Bitcoin and ether options trading platform Deribit. The deal, the biggest acquisition of Coinbase to date, is expected to help strengthen the company’s presence in the crypto derivatives market.
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