Coinbase, the cryptocurrency exchange, has revealed its intentions to introduce futures trading for Dogecoin, Litecoin, and Bitcoin Cash, with a targeted launch date as early as April 1st.
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Coinbase, a prominent cryptocurrency exchange, views Dogecoin’s enduring popularity as indicative of its evolution beyond its origins as a meme, positioning it as a significant asset in the crypto industry. With this in mind, the exchange intends to introduce futures trading products for Dogecoin.
In correspondence with the United States Commodity Futures Trading Commission (CFTC) on March 7, Coinbase Derivatives outlined plans to launch cash-settled futures contract offerings for Dogecoin, Litecoin, and Bitcoin Cash, with a targeted launch date of April 1.
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The letters suggested that Coinbase Derivatives might list the futures contracts on its platform before obtaining official approval from the CFTC. Coinbase clarified that it would utilize the “self-certification” approach to introduce the futures contracts, ensuring compliance with the regulatory guidelines outlined by the agency.
What Prompted This Move?
Coinbase explained its decision to list Dogecoin by asserting that the memecoin had surpassed its origins as a mere joke and had evolved into an integral component of the cryptocurrency industry’s foundation.
“Dogecoin’s enduring popularity and the active community support suggest that it has transcended its origins as a meme to become a staple of the cryptocurrency world.”
Commission (SEC).
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Tony Chimdiuto