Coinbase Derivatives Unveils Introduction of Oil and Gold Futures Trading

Coinbase Derivatives has announced the availability of new futures contracts for oil and gold on its platform, starting from June 3rd. The aim of these contracts is to offer improved trading opportunities in traditional markets. Coinbase Derivatives, which is licensed by the CFTC, already allows users to purchase futures for cryptocurrencies such as bitcoin, ether, bitcoin cash, litecoin, and dogecoin. The new contracts are designed to cater to conventional markets and are denoted in quantities of 10 barrels of oil and 1 troy ounce of gold. In March, Coinbase hinted at the introduction of monthly cash-settled futures contracts for dogecoin, litecoin, and bitcoin cash. The company is focused on generating liquidity and expanding its market share. Notably, Coinbase has already launched 15 perpetual futures as part of its derivatives offering. With the addition of oil and gold futures, traders are expected to find Coinbase Derivatives more attractive. Other traditional financial institutions like BlackRock, Fidelity, and VanEck have also ventured into cryptocurrency trading in traditional markets through exchange-traded funds. It is worth mentioning that FTX, before going bankrupt in November 2022, had already launched futures markets for various highly traded commodities, including crude oil and lumber.