Coinbase Unveils New Crypto Derivative Product
Coinbase announced the coming of Nano Bitcoin futures on Monday. It is the exchanges’ first crypto derivative crypto product built as user-centric.
A Satisfactory Launch at Last
Coinbase had announced on the 12th of January that it was going to acquire FairX. It also stated then that the acquisition is a major step towards offering crypto derivatives to users. The announcement also had it that the acquisition was to be concluded by the first fiscal quarter.
Coinbase finally published a blog post on Friday where the launching plan was announced. The Head of Derivatives Exchange at Coinbase, Boris Ilyevsky, said on Friday that BIT Future would be up on the 27th.
Ilyevsky went ahead to state how the BIT Futures will first be available. He said it will first be available for trading through top broker intermediaries. These include Ironbeam, Optimus Futures, EdgeClear, Stage 5, Tradovate, and NinjaTrader.
Clearing firms will also be involved in the initial stage. They include ADMIS, ABM AMRO, Advantage Futures, Wedbush, Ironbeam, and ED&F Man.
Ilyevsky proceeded to state that Coinbase would be able to offer margin futures contracts to clients soon. It only has to obtain regulatory approval on its Futures Commission Merchant license.
The new product got designed with advanced retailers in mind. The Coinbase BIT Futures will offer great benefits. It also requires less upfront capital than conservative futures as it is 1/100 of Bitcoin’s size.
The project provides an opportunity for expanding retail involvement in the US crypto futures sector. The Bitcoin Future is a monthly cash-settled contract that lets users manage their risks or trade Bitcoin.
The MarketVector Partnership
As seen in a press statement published on Monday by MarketVector Indexes says it underlays Coinbase’s project. It also underlays the exchange’s future product focused on Ethereum.
It should be noted that the MV Index Solution announces a change of name on the 6th of May. It changed to become MarketVector Indexes.
Information about MVIS says it has expanded the success of VanEck from an exchange-traded product to an index. The present portfolio of MarketVector indexes shows the company’s expertise in emerging markets. Likewise in fixed income, hard assets, as well as special asset classes.
An approximated $30.86 billion worth of assets under management are invested based on MVIS indexes. Boris Ilyevsky says CoinBase is excited to launch its crypto derivative while using MarketVector indexes. He says it was important for Coinbase to work with a partner that has similar values to it.
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