Coinbase Jumps into the Ordinals and Worldcoin Game with Perpetual Futures Contracts

Coinbase International Exchange plans to list perpetual future contracts for Ordinals (ORDI) and Worldcoin (WLD) on April 11, offering institutional investors exposure to these digital assets. ORDI, a Bitcoin-based cryptocurrency that allows for text and images as NFTs, has experienced significant price increases, while WLD, the token of the Worldcoin project aiming to create a privacy-preserving human identification network, has gained popularity among crypto investors.

Coinbase to Embark on Perpetual Futures Contracts for Ordinals (ORDI) and Worldcoin (WLD)

On the heels of the announcement of futures contracts for Wormhole's W coin, Coinbase International Exchange is poised to introduce perpetual futures products for Ordinals (ORDI) and Worldcoin (WLD), effective April 11, 2024. This move further strengthens Coinbase's position as a leading exchange for institutional investors, providing them with access to a diversified portfolio of crypto assets.

Worldcoin: The Human Identification and Financial Network

Worldcoin has surged in popularity among crypto investors seeking exposure to the artificial intelligence sector. From a modest $2.20 on February 7, it skyrocketed to a peak of $11.70 on March 10, captivating the market with its ambitious vision of creating the world's largest privacy-preserving human identification and financial network.

Co-founded by Sam Altman, Max Novendstern, and Alex Blania in 2019, Worldcoin aims to empower individuals with ownership and control over their digital identities. Its native token, WLD, serves as a utility token with governance privileges, enabling holders to shape the future direction of the platform.

Ordinals: The Bitcoin-Based NFT Revolution

Ordinals has ignited a frenzy in the crypto space with its innovative concept of embedding text and images as NFTs directly into the Bitcoin blockchain. Since its inception on November 1, 2023, ORDI has witnessed an extraordinary surge in value, climbing 1,640% from $5 to a high of $87 on March 5.

The Ordinals protocol allows users to inscribe data, including text, images, audio, and video, into each Satoshi. Notably, the majority of ORDI tokens have been distributed through airdrops, further fueling its popularity and accessibility.

Perpetual Futures: A Risk Management Tool for Institutional Investors

Perpetual futures contracts, also known as perpetual swaps or perpetuals, are derivatives that enable traders to speculate on the future price of an asset without a predetermined expiration date. They provide institutional investors with a flexible tool for managing risk and gaining exposure to emerging crypto assets.

Coinbase's announcement of perpetual futures contracts for ORDI and WLD is part of its broader strategy to cater to the growing demand for institutional-grade crypto products. The company has taken a proactive approach in launching these contracts, using the "self-certification" method to expedite the process while still adhering to regulatory guidelines.

Coinbase's Commitment to Regulatory Compliance

Despite seeking regulatory approval, Coinbase has stated its commitment to operating its futures contracts business in full compliance with the rules and regulations set forth by the Commodity Futures Trading Commission (CFTC). This underscores Coinbase's dedication to providing a safe, secure, and transparent trading environment for its institutional clients.

Conclusion

Coinbase's upcoming listing of perpetual futures contracts for Ordinals and Worldcoin is a significant development for the institutional crypto market. It signifies the growing adoption of these emerging crypto assets and reinforces Coinbase's position as a trailblazer in the space. As institutional investors seek innovative ways to diversify their portfolios and gain exposure to the latest crypto trends, Coinbase is well-positioned to meet their evolving needs.