Coinbase intends to introduce Futures contracts for the XRP token of Ripple and has submitted to the US Commodity Futures Trading Commission to get the green light.
The Submit 3 AprilMade by Coinbase Derivatives LLC, is a self -certification that is submitted to the CFTC under line 40.2 (A). It outlines a new monthly contract that will be launched on April 21, pending the approval of the regulations.
Each contract, trade under the XRL symbol, will represent 10,000 XRP, around $ 20,000 at the current market prices, assuming that XRP is close to the $ 2.00.
The move was announced by Coinbase Institutional, the platform of the Exchange, tailor -made for professional and institutional traders. In a statement on 3 April, the company said that the product will offer a “regulated, capital -efficient way to get exposure” to one of the most liquid digital assets on the market.
According to the submission, Coinbase will mention three monthly contracts at the same time. The product will be marinated and USD-Settled, with trade hours from 5:00 pm to 4:00 pm CT, Sunday to Friday. A break of one hour will take place every weekday between 4 p.m. and 5 p.m. CT.
Contracts will establish themselves on the market vector Coinbase XRP Benchmark Index-one reference rate per hour based on volume-wogen-wogen median prices from Coinbase’s own place market.
Coinbase noted that it has consulted Futures Commission traders and other market participants to support the introduction of XRP -Futures on its platform.
However, the price of XRP remained largely just after the news. The lack of market reaction can be explained by the fact that XRP -Futures are not new to crypto traders. Large platforms such as Binance, OKX, Bybit and Bitmex have long offered comparable contracts to global users.
As previously reported by crypto.news, Coinbase Institutional has recently opened its multi-party computation cryptography library in a movement to stimulate security over the crypto room.
The tools, which help sign transactions without revealing private keys, are now available on Github, together with documentation for developers who want to integrate MPC into their systems.
These efforts come at a time when the exchange navigates broader market challenges.
Coinbase shares (Nasdaq: Coin) decreased by 31% in Q1, the worst quarter since the FTX collapse, in the midst of decreasing trading activity in the crypto sector. At the time of writing, Coin had gone more than 8% in the past week according to data from Google Finance.
