Crypto exchange Coinbase is officially entering the crypto perps market.
The firm, which has made headlines in recent weeks for its brouhahas with U.S. regulators and its plans to set up shop overseas, said Tuesday that it would enable international users to trade so-called perpetual futures out of Bermuda through a new platform.
Coinbase plans to start business with bitcoin and ether derivatives “with additional listings to come in the future,” a spokeswoman said. Initially, it will offer traders 5x leverage.As The Block previously reported, the firm has long been eyeing the build out of an offshore derivatives business to compete with behemoths like OKX and Binance. It was a business in which now defunct crypto exchange FTX had secured a large market share.
The push by Coinbase and Gemini reflect the opportunity for firms to capitalize on the gap left by their fallen rival FTX, while also illustrating the uncertain regulatory environment stateside.
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