The Coinbase Derivatives Exchange will be launching its first crypto derivatives investment vehicle pegged to the value of 1/100th of a Bitcoin on June 27. This is also called “nano Bitcoin futures”. It will be listed under the ticker “BIT”.
Coinbase said the launch of its latest derivative product is an important step toward the platform ultimately making the derivatives market access to its millions of customers. The nano Bitcoin futures product will be overseen by Coinbase Derivatives Exchange.
The company plans to merge the features and fee schedule of Coinbase Pro into a new unified Coinbase account that offers users the choice of an advanced trading experience. It should be noted that Coinbase is not the only one offering nano-styled crypto futures.
The CME Group and FTX-acquired Ledgerx are also providing micro contracts. The former introduced micro Bitcoin and micro Ether futures at the end of March. Each product is 1/10 the size of one Bitcoin or Ether. FTX US Derivatives offers Bitcoin mini-future contracts. Investors can participate with only 0.01 BTC. With Coinbase nano Bitcoin futures, investors will obtain BIT from brokers such as Wedbush, Edgeclear, and Ninjatrader.
Moreover, Coinbase has rebranded FairX as “Coinbase Derivatives Exchange”. The nano Bitcoin futures will be marketed under the ticker BIT as its first listed crypto derivatives product. Coinbase said this is a step to creating a robust and regulated crypto derivatives market.
Boris Ilyevsky, head of Coinbase Derivatives Exchange, said FairX brought in a world-class team with deep expertise across product development, market structure, compliance, market-leading exchange technology, and a proven ability to deliver listed futures. Furthermore, the derivatives exchange wants to make the trading of crypto derivatives much more accessible.
