Coinbase International Exchange has disclosed its intentions to introduce perpetual futures contracts for Polygon (MATIC) and Bitcoin Cash (BCH) on both Coinbase International Exchange and Coinbase Advanced.
The official announcement specifies that users will gain access to trading MATIC-PREP and BCH-PREP starting from 10 am UTC on December 7, 2023. This strategic decision reflects Coinbase’s commitment to expanding its range of perpetual contract options, contributing to a notable surge in the prices of MATIC and Bitcoin Cash.
Coinbase to Meet the Demands of its Users
Notably, the addition of MATIC and BCH perpetual futures contracts demonstrates Coinbase’s forward-looking approach to meet the evolving demands of its user base. By providing these new trading instruments, the exchange aims to enhance the diversity of investment opportunities available to its clientele.
Also, the move aligns with Coinbase’s ongoing efforts to stay at the forefront of the crypto market, responding to the dynamic nature of digital asset trading.
Interestingly, the announcement has already generated heightened interest and positive market sentiment, leading to a notable uptick in the prices of MATIC and BCH. Investors and traders are likely attracted to the potential opportunities presented by the introduction of perpetual futures contracts for these prominent cryptocurrencies.
Coinbase Pushes for Global Prominence
Recall that the US-based crypto exchange said its push toward an offshore derivatives exchange is part of its strategy to be globally known internationally across six continents. Also, Coinbase has been granted a regulatory license in Bermuda to launch an offshore derivative exchange.
Meanwhile, the company said it has upgraded its retail platform for its Singaporean customers, launched full crypto services in Brazil, and is seeking a regulatory license in Abu Dhabi. Also, the exchange has been awarded a license to offer its services to several countries including Italy, Canada, and many more.
Coinbase Expands Amid Regulatory Challenges
Coinbase’s offshore derivatives platform has been set in motion against a backdrop of heightened regulatory uncertainty in the United States, where the exchange is headquartered. This is in addition to an ongoing legal battle with the US Securities and Exchange Commission (SEC), which filed a lawsuit against the exchange in June.
It is worth mentioning that the regulatory challenges in the United States are not unique to Coinbase. The crypto industry at large has been grappling with how to operate within an increasingly complex regulatory framework.
Coinbase decision to grow gives it more flexibility to enter international markets and offer a wider range of clients while conforming to the diverse regulatory requirements of other jurisdictions. Recall that just a few days ago, Coinbase announced that it experienced a remarkable surge of 62% in its shares during November.