Coinbase, a leading cryptocurrency firm, is looking to expand its offerings by seeking regulatory approval to offer XRP futures contracts.
On Thursday, Coinbase Derivatives announced that it had submitted documentation to the Commodity Futures Trading Commission (CFTC) for self-certification of these futures. The launch is anticipated for April 21.
This self-certification process allows Coinbase to demonstrate compliance with regulations, making it easier to introduce futures contracts unless the CFTC raises any concerns.
This initiative follows Coinbase’s recent introduction of futures contracts for Solana (SOL) and Hedera (HBAR) as part of its strategy to provide traders with access to both cryptocurrency and traditional futures trading in a regulated environment.
In addition to XRP, Coinbase is also waiting for CFTC approval for futures contracts related to Cardano (ADA) and Natural Gas (NGS), which are expected to launch by the end of the month. As of now, XRP is trading above $2 with little price change in the last 24 hours, according to TradingView.
XRP is known for facilitating fast and low-cost cross-border payments. The new futures contract would allow traders to speculate on XRP’s price movements without needing to own the asset itself.
XRP has faced scrutiny from the SEC, which filed a lawsuit against Ripple Labs, the token’s developer, in 2020, claiming that XRP was an unregistered security. Recently, Ripple CEO Brad Garlinghouse announced that the SEC has withdrawn its appeal against the company, leading to a settlement where Ripple will pay a reduced fine of $50 million.
