Coinbase Goes Global with Worldcoin and Ordinals Perpetual Futures Expansion

Coinbase International Exchange announces the launch of perpetual futures contracts for Worldcoin (WLD) and Ordinals (ORDI), expanding its derivatives offerings. These contracts allow traders to hold positions indefinitely and provide exposure to the WLD token, used in governance and utility functions, and ORDI tokens, used for non-fungible tokens (NFTs) on the Bitcoin protocol.

Coinbase International Expands Derivatives Offerings with Worldcoin and Ordinals Perpetual Futures

April 11, 2023

Coinbase International Exchange, a global leader in cryptocurrency trading, has announced the addition of two new derivatives offerings to its platform: Worldcoin (WLD) and Ordinals (ORDI) perpetual futures. Trading for both futures contracts will commence on April 11, further diversifying Coinbase International's already extensive suite of perpetual futures and spot markets.

Worldcoin and Ordinals: A Unique Combination

Worldcoin is a blockchain-based initiative founded by Sam Altman, Max Novendstern, and Alex Blania. Its native token, WLD, serves dual purposes as both a utility and governance token within the Worldcoin ecosystem. The WLD token is designed to incentivize global internet access and contribute to the creation of a distributed network of human identity data.

Ordinals, on the other hand, are digital assets inscribed on the Bitcoin protocol using a recently developed innovation. These assets, which can range from NFTs to other types of digital collectibles, have gained popularity due to their unique nature and integration with the Bitcoin ecosystem.

Perpetual Futures: A Flexible Derivative Instrument

Perpetual futures are unique derivative contracts that do not have a defined expiration date, unlike traditional futures contracts. This allows traders to maintain positions indefinitely as long as they manage their margins appropriately. Perpetual futures have become increasingly popular in the cryptocurrency market, providing traders with the flexibility and leverage necessary to navigate dynamic market conditions.

Trading Details

The introduction of WLD-PERP and ORDI-PERP trading pairs will expand Coinbase International's derivatives portfolio to over 30 perpetual futures and spot markets. The futures contracts will be denominated in USDC, the stablecoin pegged to the US dollar.

Traders can access these new futures contracts through Coinbase International's advanced trading platform, which offers a wide range of features and tools specifically designed for professional traders and institutions.

Market Performance

Despite the announcement from Coinbase International, both ORDI and WLD have experienced downward pressure in the 24 hours leading up to the launch. ORDI has declined by 1.1% to $60.4, while WLD has dropped by 2.2% to $6.94. However, it is important to note that market conditions can fluctuate rapidly, and these prices may change significantly in the lead-up to and during the trading launch.

Coinbase International's Growing Presence

Coinbase, the parent company of Coinbase International, initially established its international derivatives unit in May 2022, offering access to non-US institutions seeking exposure to cryptocurrency derivatives. As of April 5, Coinbase International only supported three spot trading pairs, indicating its continued expansion into the derivatives market.

The addition of Worldcoin and Ordinals perpetual futures demonstrates Coinbase International's commitment to providing a comprehensive and accessible platform for institutional traders and investors in the global cryptocurrency ecosystem.