Coinbase announces customer offering expansion plans on its platforms 
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Coinbase announces customer offering expansion plans on its platforms 

Coinbase, a cryptocurrency exchange based in the United States, has applied to join the National Futures Association (NFA) in order to expand its consumer offers. The firm claims that it is working to make futures and derivatives trading available on its platforms.  Head of institutional sales Brett Tejpaul said in an interview with The Scoop podcast that Coinbase is already working on the development of a derivatives market as part of a roadmap to attract more clients.

Coinbase informs its 3.3 million Twitter followers that it has already filed an application with the NFA, the US derivatives industry’s self-regulatory organization, to become a Futures Commission Merchant (FCM). The tweet talked of Coinbase’s customer offering expansion plans.

Despite an abundance of regulatory FUD derivatives have risen in popularity in 2021, the crypto derivatives markets outweigh the size of spot markets. The market handled more than $143 billion in the last 24 hours, according to CoinGecko data. With $10.1 billion, $6.8 billion, and $3.8 billion in 24-hour open interest, Binance, FTX, and By bit are now leading the race.

The role of a futures commission merchant (FCM) is to solicit or accept orders to buy or sell futures contracts or futures options. Entities that provide these services must be designated as Forex Dealer Members and must be members of the National Futures Association (NFA).

Coinbase has raised $2 billion in a debt issue to strengthen its balance sheet and spend for general company objectives. Coinbase was still listed as a pending NFA member at the time of publication.

Coinbase Global, Inc., also known as Coinbase, is a cryptocurrency trading platform based in the U.S. Coinbase is a remote-first company without a physical headquarters. As of March 2021, the company was the largest cryptocurrency exchange in the United States by trading volume, founded in 2012 by Brian Armstrong and Fred Ehrsam. On April 14, 2021, Coinbase went public on the NASDAQ exchange via a direct listing.

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