Coinbase (COIN) Applies to Trade Bitcoin, Crypto Futures

September 15, 2021 5:53 PM EDT
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Coinbase Global, Inc. (NASDAQ: COIN) filed an application with the NFA to register as a Futures Commission Merchant (FCM) to broaden its offerings and provide futures and derivatives trading on its platforms.

"This is the next step to broaden our offerings and offer futures and derivatives trading on our platforms," the company stated in the tweet following the news.

The company's status with the NFA is 'Pending NFA Member'.

According to the SEC, a Bitcoin future is: "... a standardized agreement to buy or sell a specific quantity of Bitcoin at a specified price on a particular date in the future. In the United States, Bitcoin is a commodity, and commodity futures trading is required to take place on futures exchanges regulated and supervised by the CFTC."

Bitcoin is trading more than 3% higher on Wednesday.

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