Recent data provided by the exchanges show that since its launch on August 1, perpetual futures contracts for XRP and Litecoin (LTC) have experienced an astounding $43.7 million in trading volume on Coinbase International.
Major American exchanges like Coinbase and Kraken recently relisted XRP in the meantime. This action came after a pivotal decision in Ripple’s favour, which caused XRP’s value to soar by 70% and briefly overtake BNB.
In the cryptocurrency market, perpetual crypto futures, sometimes referred to as “perpetuals,” are a sort of derivative transaction. They enable traders to later purchase or sell the value of a certain coin. Perpetual futures, as opposed to conventional futures contracts, can be held perpetually. They may be distinguished from standard futures contracts by this feature.
Earlier this year, Coinbase unveiled its global exchange for bitcoin derivatives, enabling institutional customers outside of the US to trade perpetual futures contracts.
The timing of this move coincides with Coinbase’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) and the digital asset sector’s efforts to recover from recent setbacks.
According to a Fortune article, institutional clients and market makers will be the main clientele of Coinbase’s Bermuda-based international operation.
The concept of moving the business outside the United States due to regulatory concerns has been denied by CEO Brian Armstrong, despite recent rumours after Coinbase’s purchase of a licence in Bermuda. Instead, he emphasised that Coinbase is still dedicated to its American roots, and that international licences are helping to facilitate worldwide development.
