Coinbase, a leading cryptocurrency exchange, has announced that it will list perpetual futures for two major altcoins, Solana (SOL) and Avalanche (AVAX), on its platform. This move comes after Coinbase received regulatory approval from Bermuda’s financial regulator, allowing eligible non-US retail customers to trade perpetual futures.
In August, Coinbase announced that it had received approval from the National Futures Association (NFA), a self-regulatory organization recognized by the Commodity Futures Trading Commission (CFTC). This license authorizes Coinbase to operate as a registered Futures Commission Merchant (FCM).
The announcement indicates that the markets for SOL-PERP and AVAX-PERP are set to open around 19:00 on November 14, 2023, provided that the necessary liquidity conditions are fulfilled. The listing of SOL and AVAX perpetual futures is part of Coinbase’s broader strategy to expand globally and drive innovation in the crypto technology space.
@CoinbaseIntExch will add support for Solana and Avalanche perpetual futures contracts on Coinbase International Exchange & Coinbase Advanced. The opening of our SOL-PERP and AVAX-PERP markets will begin on or around 4pm UTC on 14 November 2023, if liquidity conditions are met. pic.twitter.com/D2QTV9k9Qe
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) November 12, 2023
Coinbase Expands its Global Presence and Innovation in the Crypto Market
Coinbase is preparing to expand access to perpetual futures contracts on its advanced platform to qualifying buyers in the forthcoming weeks. The move to include two additional altcoins, Solana and Avalanche, on Coinbase’s futures platform is expected to widen trading possibilities and enhance flexibility in the crypto market.
It also signifies Coinbase’s commitment to diversifying its offerings and catering to the evolving needs of its users. The news comes at a time when Coinbase is now endorsing Avalanche, BNB Chain, Polygon, and Ethereum blockchain tokens. The integration of Solana and Avalanche bolsters Coinbase’s standing as a robust platform for cryptocurrency trading.
As the crypto market continues to grow and evolve, the listing of SOL and AVAX perpetual futures on Coinbase marks a significant milestone. It not only enhances the trading options available to users but also contributes to the overall liquidity and stability of the crypto market.
The crypto market had mixed reactions to the news. Solana is currently trading at around $58, while AVAX is exchanging hands at $17 a piece, according to CoinMarketCap.
In conclusion, the listing of Solana and Avalanche perpetual futures on Coinbase is a significant step forward in the exchange’s global expansion strategy. It provides traders with more options and flexibility.
