Coinbase Expands Trading Instruments: Futures for Litecoin, Bitcoin Cash, and Dogecoin
In today's news article, Coinmooner focused on a significant announcement from one of the leading centralized cryptocurrency exchanges - Coinbase. Currently, the trading volume of this exchange stands at an impressive $5,989,728,802 over the last 24 hours, making it the second-largest in the world by all metrics, trailing only behind the cryptocurrency exchange Binance. Coinbase stated its intention to expand its range of trading instruments by introducing futures for Litecoin (LTC), Bitcoin Cash (BCH), and Dogecoin (DOGE). The application filed with the US CFTC could yield a positive outcome, and if approved, these new instruments will be available starting April 1st. This move will broaden investors' opportunities and pave the way for Dogecoin ETF futures.
Additionally, the exchange plans to independently issue derivatives certificates, enabling it to list instruments without waiting for CFTC approval, provided it adheres to regulations. This step demonstrates the exchange's commitment to innovation and desire to offer its clients a more comprehensive array of investment options.
Aside from the obvious benefits of the growing popularity of these crypto assets and the new opportunities from the exchange itself, this news brings utility to the Web3 community by providing new investment opportunities for people worldwide interested in cryptocurrencies. Most importantly, this unique opportunity enhances the accessibility of cryptocurrency investments, aiding investors in diversifying their portfolios and mitigating risks. Moreover, it underscores the increasing interest in the cryptocurrency market from traditional financial institutions, contributing to its legitimization and further development.
Among experts, there's a growing belief that if Coinbase approves the application, the likelihood of launching Dogecoin ETF futures will significantly increase. This move would expand investment horizons, offering investors additional strategic opportunities for substantial profits. It's important to note that a positive outcome from this initiative could significantly impact users and the entire cryptocurrency market, affecting prices, volumes, and overall dynamics.
Overall, the three cryptocurrencies Coinbase plans to introduce futures with rich histories in the cryptocurrency industry and hold leading positions among crypto assets. Litecoin (LTC), created by Charlie Lee in 2011 as a fast alternative to Bitcoin, has a maximum supply of 84 million coins. Bitcoin Cash (BCH), introduced in 2017, increased the block size to 8 MB, enabling faster and cheaper transactions. Dogecoin (DOGE), which started as a joke in 2013, quickly gained popularity due to low fees and a friendly community, often used for tips and charity. As mentioned in our article " Dogecoin: The Future of the Automotive Industry or Temporary Madness?," Dogecoin mainly gained favor with Elon Musk.
Introducing new assets to the future market could attract Web2 users to Web3, a vector of technological progress based on decentralization and blockchain technologies. These technologies open up new possibilities for financial instruments and investments. Our team at Coinmooner is excited to share these significant developments with our readers! Additionally, we want to remind everyone of the importance of safeguarding their finances using advanced methods in the crypto industry to minimize the risks of theft and losses.
