Coinbase Unveils Perpetual Futures for Dogwifhat ($WIF) and Expands Crypto Derivatives Offerings

Cryptocurrency exchange Coinbase International plans to launch perpetual futures trading for $WIF for non-US users in eligible jurisdictions starting April 25th. Coinbase International Exchange and Coinbase Advanced will introduce perpetual futures trading for $WIF this month, expanding their offerings amidst growing demand for derivatives in the crypto market. Coinbase's expansion into perpetual futures trading comes after obtaining regulatory approval to offer such products in select jurisdictions, while US approval remains more cautious.

Coinbase Expands Cryptocurrency Futures Offerings with $WIF and Perpetual Contracts

Coinbase International Exchange (CIE) and Coinbase Advanced, the leading cryptocurrency exchange platforms, have announced the imminent launch of perpetual futures trading for the Solana-based memecoin Dogwifhat ($WIF). The launch is scheduled for April 25th at 9:30 UTC for non-US users in select jurisdictions.

This move aligns with Coinbase's strategic expansion of its derivatives offerings amidst the burgeoning growth of the crypto derivatives market, which witnessed an 86.5% increase in trading volumes last month, reaching $6.18 trillion.

Regulatory Landscape for Cryptocurrency Futures

Coinbase's expansion into perpetual futures coincides with regulatory shifts in the cryptocurrency industry. While non-US jurisdictions have granted approval to offer such products, obtaining similar approvals in the United States has proven more challenging.

Nevertheless, Coinbase has secured approval from the National Futures Association to offer cryptocurrency futures trading to a limited number of US retail traders through its Coinbase Advanced platform.

Coinbase and Binance Embrace New Altcoin Project OMNITwo

In a parallel development, both Coinbase and Binance have announced support for a new Ethereum-based altcoin project called Omni Network (OMNI). Coinbase has classified OMNI as an "experimental token" due to its potential risks and lower liquidity.

Binance, on the other hand, has added OMNI to its Launchpool platform, allowing users to stake coins to earn rewards prior to its spot trading listing on April 17th. Binance has also applied a "seed tag" to OMNI, indicating its status as a low-liquidity project with potential for high volatility.

Celsius Network's Ethereum Transfer to Coinbase

In a separate industry development, Celsius Network, a cryptocurrency lending platform, has transferred a significant amount of Ethereum (ETH) to Coinbase. The transfer, valued at approximately $24.5 million, represents one of the largest ETH withdrawals from Celsius Network in recent months.

This transaction aligns with Celsius Network's ongoing financial recovery strategy, which involves moving assets across various centralized exchanges. The bankruptcy code provides various options for debt distribution, including modified repayment plans.

Conclusion

Coinbase's expansion of its perpetual futures offerings, coupled with the support for new altcoin projects like OMNITwo by Coinbase and Binance, highlights the growing maturity and innovation within the cryptocurrency ecosystem. As regulatory landscapes evolve and the industry continues to expand, it remains to be seen how these developments will shape the future of digital asset trading and investment.