Coinbase Global (NASDAQ: COIN) is evidently looking to salvage what they can from the tumbling crypto market. The firm yesterday announced via a blog post that it would be making nano bitcoin futures available to trade through brokers.
The nano futures are designed to enable those with less capital to be able to trade futures of the flagship cryptocurrency. Each contract, which will trade on the Coinbase Derivatives Exchange, will be pegged at 1/100th of a bitcoin, thereby enabling a larger audience to trade the product.
In making the announcement for the product, Coinbase stated that the “BIT Futures contract will offer the same benefits [as other futures products] but is built with the retail trader in mind.” They continued, “It’s more important than ever to bring the benefits of futures to a broader market so that all types of traders can access regulated U.S. crypto derivatives markets to express their views or hedge their underlying crypto assets.”
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Trading of the bitcoin nano futures will be available through a number of broker intermediaries initially when it launches on June 27, which is said to including retail brokers and clearing firms. The firm is currently working through its network to offer the product via its derivative exchange while it awaits regulatory approval for its own futures commission merchant license, which would enable the company to offer the product directly to its clients.
Coinbase last traded at $62.21 on the Nasdaq.
Information for this briefing was found via Edgar and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
One Response
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