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Clients of the crypto exchange will soon have access to more instruments on the platform. The U.S.-based firm plans to expand its offering by adding futures and derivatives.
The U.S.’s top crypto platform submitted an application to the National Futures Association (NFA) to become a registered Futures Commission Merchant (FCM). The company submitted its application on September 15 under the name “Coinbase Global Inc.,” according to NFA’s website.
Coinbase also announced its application with the NFA in a Twitter post. According to the company, the addition of futures and derivatives will broaden its offerings and help grow the crypto market.
“Today, Coinbase filed an application with the NFA to register as an FCM → Futures Commission Merchant,” the crypto exchange posted on Twitter. “This is the next step to broaden our offerings and offer futures and derivatives trading on our platforms. Goal: Further grow the crypto economy.”
Once Coinbase secures NFA’s approval and becomes an FCM, the next step for the company is to register with the Commodity Futures Trading Commission, according to Cointelegraph. The CFTC is an independent agency of the US government tasked with the regulation of the U.S. derivatives markets, which includes futures, swaps, and certain kinds of options.
Coinbase wants a piece of the pie of the lucrative crypto derivatives markets, which is bigger in size than spot markets. The derivatives market posted transactions worth more than $143 billion in the past 24 hours based on CoinGecko data.
Binance is the top platform for crypto derivatives trading with $10.1 billion in 24-hour open interest. At the second spot is FTX at $6.8 billion followed by Bybit at $3.8 billion.
Coinbase previously planned to offer a crypto lending product based on the stablecoin USDC. However, the company shelved this plan after the United States Securities and Exchange Commission threatened to sue the firm.
