Global crypto exchange submits application for approval to open Coinbase Futures and Derivatives trading on it’s platform according to a press release by the company.
The company wishes to offer futures products, as well as other derivatives, and says it has undergone the first step in the process, which is filing as an FCM (Futures Commission Merchant) with the Securities and Exchange Commission. Coinbase said in it’s September 15 tweet that this was ‘the next step to broaden our offerings and offer futures and derivatives trading on our platforms” with the goal to “further grow the cryptoeconomy”.
The move comes at the same time as the regulator has said it is investigating the platform, and intends to sue over its $LEND initiative, a crypto lending service, which has since been postponed by Coinbase until such a time as the situation is straightened out.
The company has been making a number of growth strides in recent months, going public in April 2021, and earlier this week announced a $1.5B bond sale, using a Private Senior Note Offering to raise capital for the company for potential innovation and mergers and acquisitions.
Coinbase Futures status
As of the time of writing, the status for Coinbase Futures Commission Merchant application is still pending, but once approved, the company will then register with the Commodities Futures Trading Commission (CFTC), and then would need to apply for a specific product license from the SEC.