Coinbase to Launch Nano-Futures on Bitcoin

On June 27, Coinbase will launch nano-futures on the first cryptocurrency. For approval from the CFTC, the bitcoin exchange will offer trading of the instrument through brokers.

Contracts with ticker BIT will be launched by Coinbase Derivatives (formerly FairX).

The US dollar–settled futures contract is equivalent to 1/100 of the value of the first cryptocurrency.

Access to the crypto derivatives will be available to clients of EdgeClear, Ironbeam, NinjaTrader, Optimus Futures, Stage 5 and Tradovate, ABN AMRO, ADMIS, Advantage Futures, ED & F Man, Ironbeam and Wedbush.

Coinbase noted that in the future they expect to obtain a futures commission merchant (FCM) license. This would allow offering BIT directly to clients.

As reported in March 2022, Coinbase outlined plans to develop its derivatives-related unit.

Earlier, the bitcoin exchange announced the closure of Coinbase Pro for professional traders.

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