Coinbase Aims to Launch XRP Futures Contracts
Coinbase is set to introduce futures contracts for Ripple’s XRP token. The company has filed with the US Commodity Futures Trading commission (CFTC) for approval. This move, announced by Coinbase Institutional, targets professional traders.
The filing, dated April 3, outlines a new cash-settled monthly contract, symbolized as XRL. Each contract represents 10,000 XRP, valued around $20,000 at current rates. the product aims to provide a regulated and efficient way to invest in XRP, one of the most liquid digital assets.
Coinbase plans to list three monthly contracts together. Trading will occur from 5:00 p.m. to 4:00 p.m. CT, Sunday through Friday, with a one-hour break each weekday.Contracts will settle using the MarketVector Coinbase XRP benchmark index.
While XRP’s price remained stable post-announcement,this isn’t surprising. Major platforms like Binance and OKX already offer similar contracts. Coinbase consulted with Futures Commission Merchants and other market players to support this initiative.
Recently, Coinbase Institutional open-sourced its multi-party computation cryptography library on GitHub to enhance crypto security. These steps come as Coinbase navigates market challenges, with its stock (NASDAQ: COIN) dropping 31% in Q1.
