Two Major Altcoins Will Receive Futures Support Via Coinbase

Two Major Altcoins Will Receive Futures Support Via Coinbase

Coinbase Global, the preeminent cryptocurrency exchange in the United States, has officially declared the inclusion of Solana (SOL) and Avalanche (AVAX) in its global futures

exchange. Despite a tumultuous 2022,

the company insists that crypto is not dead and adoption is still increasing at an exponential rate.

Getting involved

The genesis of Coinbase International, unveiled in May of this year, is a direct result of the company trying to tap into the vacuum left by the infamous collapse of FTX in the futures

market. Notably, Coinbase had

not gotten involved in this particular market segment before, but the company has nevertheless expressed its intention to cater to institutional users for perpetual futures trading in

eligible countries outside the United States.

With that in mind, the SOL-PERP and AVAX-PERP markets are slated for launch on November 14th, 2023. The launch is also contingent upon meeting certain parameters and

liquidity requirements, as outlined in

the official announcement.

A new opportunity

In a bid to diversify revenue streams and mitigate the impact of lackluster stock performance, particularly after underwhelming quarterly earnings reports, Coinbase has decided to try

different trading techniques and

tap into new markets, not just spot trading.

With that in mind, the exchange notes that perpetual futures trading constitutes a substantial portion of the overall global cryptocurrency trading volume, up to 75% in fact. In addition,

the company is proactively

managing regulatory uncertainties by spreading out risks, aligning with its broader strategy for a more resilient business approach. Coinbase representatives informed the press to stay

tuned for further updates down

the line.