Coinbase will launch its first derivative product next week with the launch of so-called “nano” bitcoin futures.
In a blog post on Thursday, Coinbase Derivatives Exchange – the renamed FairX, which was acquired by Coinbase this year – said it would “launch its first listed crypto derivative on June 27, 2022: Nano Bitcoin (BIT) futures contract. , with each contract calibrated to 1/100th of bitcoin.”
According to a to remark on the Coinbase Derivatives website, the initial offering is a USD-settled index futures contract. Key to the launch is that futures will be available through brokers rather than Coinbase itself.
“Initially, BIT futures will be available for trading through several leading intermediary brokers, including retail brokers EdgeClear, Ironbeam, NinjaTrader, Optimus Futures, Stage 5 and Tradovate, and clearing firms ABN AMRO , ADMIS, Advantage Futures, ED&F Man, Ironbeam, and Wedbush,” Coinbase explained in the post, adding that it eventually plans to offer these products directly if it receives approval as a futures commissioner (FCM). by the Commodity Futures Trading Commission.
“Coinbase is awaiting regulatory approval of its own Futures Commission Merchant (FCM) license so that we can offer margined futures contracts directly to our customers,” the message explained.
Coinbase’s spin-off plans were outlined in a May presentation at a March conference, as The Block previously reported. In its article, Coinbase presented the futures contract as being retail-oriented.