Popular cryptocurrency exchange Coinbase plans to introduce additional perpetual futures contracts, featuring popular tokens such as DOGE, ADA, and XLM.
Despite being embroiled in a legal dispute with the SEC regulator, the leading U.S.-based crypto trading platform is moving forward with expanding its suite of cryptocurrency trading tools.
Coinbase Expands Futures Contracts and Sees COIN Price Surge
In a recent tweet, Coinbase announced its plan to introduce perpetual futures contracts for Polygon (MATIC) and Bitcoin Cash (BCH) on the Coinbase International Exchange, scheduled for December 7. Simultaneously, Chinese crypto journalist Colin Wu reported that Coinbase has added perpetual futures contracts for DOGE, ADA, LINK, and XLM.
Earlier in November, Coinbase’s shared COIN witnessed a remarkable 78% surge in price, climbing from $71.88 per share to $128.27, marking the highest point since April of the previous year. Noteworthy figures in the crypto and trading space, including Ripple advocate John Deaton, have shared bullish sentiments on COIN. Deaton expressed a bullish outlook, stating, “I think it’s a screaming buy under $150.”
As of the latest update, COIN is trading at $133.76, reflecting a 7.25% increase in the last 24 hours.
Coinbase’s COIN Surges Amidst Rival Exchanges’ CEO Troubles
A significant catalyst behind the substantial surge in COIN price was the legal challenges faced by CEOs of competing exchanges. The surge commenced with the imprisonment of former FTC Chief Executive Sam Bankman-Fried on fraud charges, which occurred on November 2.
The momentum continued over two weeks later when Binance founder and CEO Changpeng Zhao (CZ) pleaded guilty to breaching the Bank Secrecy Act, violating U.S. economic sanctions imposed on Binance, and failing to implement an effective mechanism to prevent money laundering. In the aftermath, CZ resigned from his leadership role at Binance, and the exchange agreed to pay a hefty $4.3 billion fine to settle the legal matter.
Notably, it has come to light that CZ discreetly leaked information about the impending settlement with the U.S. court, benefiting several VIP traders who received advance notice of the development.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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