Coinbase Derivatives Exchange (formerly FairX), launches ‘Nano Bitcoin Futures’, its first listed crypto derivatives product, to attract more retail traders.
Nano Bitcoin futures (BIT) will be launched on June 27. After the launch, BIT futures will be available for trading through leading third-party retail brokers and clearing firms.
The firm stated that the crypto derivatives market represents $3T in volume worldwide. The firm believes that additional product development and availability will bring in more growth.
The official statement read, “At 1/100th of the size of a Bitcoin, it requires less upfront capital than traditional futures products and creates a real opportunity for significant expansion of retail participation in US regulated crypto futures markets.”
Note that Coinbase Financial Markets is waiting for approval to operate a “futures commission merchant” (FCM) so that it can offer futures directly to their clients.
In January, Coinbase had acquired FairX to launch crypto derivatives products.
The BIT futures will be initially available for trading via several leading broker intermediaries, including retail brokers EdgeClear, Ironbeam, Optimus Futures, NinjaTrader, Stage 5, and Tradovate, and clearing firms ADMIS, ABN AMRO, ED&F Man, Advantage Futures, Ironbeam and Wedbush.
Also read: Coinbase to Discontinue its Trading Platform ‘Coinbase Pro’
