Coinbase Seeks Regulatory Approval to Offer XRP Futures Contract

Leading crypto firm Coinbase is seeking regulatory greenlight to offer the XRP futures contract — a move that would expand its offerings in the derivatives market.

Coinbase is seeking regulatory approval to introduce futures contracts for XRP, a move that would expand its offerings in the derivatives market.

The exchange's derivatives arm, Coinbase Derivatives, announced Thursday it had submitted documentation to the Commodity Futures Trading Commission (CFTC) to self-certify futures for the token. The firm anticipates launching the contract on April 21.

“We're excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify XRP futures - bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets,” Coinbase Institutional announced via X, formerly Twitter.

The self-certification process allows Coinbase to assert its regulatory compliance for the futures contracts, facilitating their introduction unless the CFTC raises objections.

Coinbase recently began offering futures contracts for Solana (SOL) and Hedera (HBAR), part of its strategy to provide traders with access to both crypto and traditional futures trading on a regulated platform.

The exchange is still awaiting approval from the CFTC for Cardano (ADA) and Natural Gas (NGS) futures contracts, which it planned to launch by the end of the second quarter.

Meanwhile, XRP traded above $2 at press time with minimal price change in the last 24 hours, according to TradingView.

The digital asset is recognized for its role in facilitating fast and low-cost cross-border payments. The proposed futures contract will allow traders to gain exposure to XRP's price movements without needing to hold the underlying asset.

XRP has been the subject of ongoing attention from the Securities and Exchange Commission (SEC). The regulator commenced legal action against Ripple Labs, the token’s developer, in 2020, claiming that XRP should be classified as an unregistered security.