Coinbase Expands Perpetual Futures Contracts to Include Polkadot, XRP, and Dogecoin
Coinbase, a leading cryptocurrency exchange, has added 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, catering to a broader audience of international traders. The inclusion of these cryptocurrencies in the futures market reflects the growing demand for more diverse 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 listed as perpetual futures on the platform.
Coinbase International Exchange Achieves Trading Milestone
Coinbase’s International Exchange has reached a significant milestone by surpassing $1 billion in notional contract volume traded within 24 hours for their perpetual futures products. This achievement demonstrates the exchange’s influence and success in the crypto futures market.
It also indicates increased participation in using futures contracts for hedging and speculative purposes. Introducing DOT, XRP, and DOGE to the futures lineup will further boost trading volumes among traders and provide more opportunities to diversify their trading strategies.
Coinbase’s Stance on Ethereum ETF
In other news, Coinbase has addressed Grayscale’s Ethereum spot ETF listing application. Coinbase’s Chief Legal Officer, Paul Grewal, argued that Ethereum should be classified as a commodity rather than a security.
Grewal highlighted Ethereum’s robust governance through its Proof of Stake mechanism, which includes factors such as ownership distribution, consensus mechanisms, liquidity, and governance practices. These factors mitigate risks and support the approval of the Ethereum spot ETF.
Hot Take: Coinbase Expands Futures Contracts and Advocates for Ethereum ETF Approval
Coinbase’s addition of Polkadot, XRP, and Dogecoin to its perpetual futures contracts reflects its commitment to diversifying trading options and meeting the demands of international traders. This expansion provides more opportunities for traders to engage in diverse investment strategies.
Furthermore, Coinbase’s achievement of $1 billion in notional contract volume traded within 24 hours showcases its influence and success in the crypto futures market. The exchange continues to grow and democratize access to advanced trading tools for a wider user base.
Additionally, Coinbase’s support for the approval of Grayscale’s Ethereum spot ETF listing application emphasizes the belief that Ethereum should be treated as a commodity. The exchange highlights Ethereum’s strong governance through its Proof of Stake mechanism, strengthening the case for the ETF’s approval.
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