Coinbase International Exchange, the international branch of the US-based Coinbase cryptocurrency exchange, has achieved a significant milestone.
Coinbase International Exchange stated on February 20, 2024, that it has traded more than $1 billion in notional contract volume for its perpetual futures products in a single day.
Perpetual futures are a sort of derivatives contract that allows traders to speculate on cryptocurrency price swings without having to wait for the underlying asset to expire or be delivered.
The offshore Coinbase exchange, which is exclusively available to non-U.S. users in specified countries, will launch in Bermuda in May 2023, starting with BTC and ETH perpetual futures.
https://x.com/CoinbaseIntExch/status/1759962108563951858?s=20
Since then, the exchange’s listing has grown to include major cryptocurrencies such as Cardano (ADA), Solana (SOL), XRP, optimism (OP), Arbitrum (ARB), Ethereum Classic (ETC), Polygon (MATIC), Bitcoin Cash (BCH), Dogecoin (DOGE), Chainlink (LINK), Stellar (XLM), Avalanche (AVAX), and Litecoin (LTC).
In January, Coinbase International Exchange extended support for Celestia, Injective, and Sei’s perpetual futures contracts. At the beginning of February, the exchange announced support for Aptos, Filecoin, and Sui permanent future contracts.
Coinbase International Exchange will soon introduce support for Polkadot, Internet Computer, and NEAR Protocol perpetual future contracts. The DOT-PERP, ICP-PERP, and NEAR-PERP markets are planned to launch on February 22, 2024, at or after 10:00 a.m. UTC.
Coinbase International Exchange has expanded its crypto-asset offering while also increasing volume. According to the Coinbase Q4 Earnings Call, over $16 billion in notional contract volume was traded on Coinbase International Exchange perpetual futures during Q4.
Coinbase announced the next phase of its International Exchange development in December 2023, with the introduction of non-US spot markets for qualified users. This started with the BTC-USDC and ETH-USDC trading pairings.
