Two Major Altcoins Will Receive Futures Support Via Coinbase
Coinbase Global, the preeminent cryptocurrency exchange in the United States, has officially declared the inclusion of Solana (SOL) and Avalanche (AVAX) in its global futures exchange. Despite a tumultuous 2022, the company insists that crypto is not dead and adoption is still increasing at an exponential rate.
Getting involved
The genesis of Coinbase International, unveiled in May of this year, is a direct result of the company trying to tap into the vacuum left by the infamous collapse of FTX in the futures market. Notably, Coinbase had not gotten involved in this particular market segment before, but the company has nevertheless expressed its intention to cater to institutional users for perpetual futures trading in eligible countries outside the United States.
With that in mind, the SOL-PERP and AVAX-PERP markets are slated for launch on November 14th, 2023. The launch is also contingent upon meeting certain parameters and liquidity requirements, as outlined in the official announcement.
A new opportunity
In a bid to diversify revenue streams and mitigate the impact of lackluster stock performance, particularly after underwhelming quarterly earnings reports, Coinbase has decided to try different trading techniques and tap into new markets, not just spot trading.
With that in mind, the exchange notes that perpetual futures trading constitutes a substantial portion of the overall global cryptocurrency trading volume, up to 75% in fact. In addition, the company is proactively managing regulatory uncertainties by spreading out risks, aligning with its broader strategy for a more resilient business approach. Coinbase representatives informed the press to stay tuned for further updates down the line.
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