Coinbase To Expand Crypto Futures with New Dogwifhat Offering

Coinbase International Exchange in partnership with Coinbase Advanced, will be launching Dogwifhat (WIF) perpetual futures trading to their non-U.S. customers. This new offering will commence on April 25, 2024, at 9:UTC 30. The move is a big step in widening the range of products which the exchange offers, especially in the derivatives market, which has experienced a strong growth over the past few months.

Regulatory Milestones and Market Response

The WIF perpetual futures introduction follows Coinbase approval last year to offer these products to non-U.S. customers in some selected jurisdictions. Having achieved this regulatory milestone, Coinbase is able to expand its derivatives offerings into a sector that is becoming highly attractive to traders who are looking to capitalize on the volatility of the cryptocurrency markets.

@CoinbaseIntExch will add support for dogwifhat perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our WIF-PERP will begin on or after 9:30am UTC on 25 APR 2024. pic.twitter.com/gIXr3XKXrV

— Coinbase International Exchange (@CoinbaseIntExch) April 18, 2024

Simultaneously, Coinbase received a partial nod to provide cryptocurrency futures trading for U.S. retail investors through Coinbase Advanced, having undergone strict evaluation by American authorities. The fact that the National Futures Association in the U.S. granted its approval to Coinbase represents a milestone in offering diversified trading options to the clients amidst the tough regulatory environment in the country.

Expansion Amid Rising Derivatives Trading Volumes

The necessity to introduce Dogwifhat perpetual futures is underpinned by the current dynamics of the cryptocurrency derivatives market. Moreover, according to a report reveals that derivatives trading volumes increased by 86.5% in the last month, amounting to a total of $6.18 trillion. The interest in cryptocurrency derivatives is growing, reflecting the need for more diverse and sophisticated trading tools, which Coinbase seeks to meet with its latest offerings.

Such a move is bound to bring in a lot of traders, especially considering the recent dogwifhat coin performance. The meme coin has seen a significant level of volatility and demand, the main factor being its listing on large exchanges and the recovery of the overall cryptocurrency market.

Dogwifhat’s Market Performance

Corresponding to the overall market rally, where Bitcoin has recovered especially from levels below $60,000, Dogwifhat has gained considerable market value. Upon the news of the futures trading, Dogwifhat rose from $2.26 to $2.65. Although there was a slight retraction, the coin continues to trade close to these levels, with a marked increase in its 24-hour trading volume. At press time, WIF was exchanging hands at $2.58, a 4.56% surge from the intra-day low.

WIF/USD 24-hour price chart (source: CoinMarketCap)

The buzz around the release of WIF perpetual futures on Coinbase Global Exchange and Coinbase Pro is expected to continue the high trading activity in Dogwifhat. With these events taking place, traders and investors are closely monitoring the market dynamics, which could mean a bullish period for both the meme coin and Coinbase’s derivatives market strategy.

Read Also: FCA Executive Defends Rigorous Crypto Registration Process

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