Coinbase, one of the leading cryptocurrency exchanges, has announced its plans to introduce futures trading products for Dogecoin (DOGE), Litecoin (LTC), and Bitcoin Cash (BCH), potentially launching as early as April 1.
The exchange intends to utilize a “self-certification” process, asserting that the futures contracts will comply with regulatory standards set by the agency. This approach enables the listing of the Dogecoin futures contract for trading on or after April 1, 2024, as highlighted in one of the letters.
Following the announcement, on March 20, DOGE experienced a notable uptick of 16.1%, while BCH saw an increase of 11.4%, and LTC rose by 7.8%. These gains surpassed the overall crypto market’s growth of 6.2% during the same period.
Currently, Coinbase Derivatives offers futures contracts for Bitcoin (BTC) and Ethereum (ETH) to both institutional and retail investors, along with contracts for crude oil.
The selection of these specific cryptocurrencies for futures contracts by Coinbase might hold deeper significance due to their shared foundational code with Bitcoin, which is now broadly acknowledged as a commodity by regulatory bodies.
This development occurs against the backdrop of the SEC’s eventual approval of spot Bitcoin ETFs following a prolonged legal confrontation with Grayscale.
