Terra isn’t dead: the network is back up and running on a new blockchain, focusing on a more decentralized governance model. The community is making no attempts to revive its recently failed TerraUSD (UST) stablecoin. It has, however, re-launched a new version of the LUNA governance token, restarting its supply at 1,000,000,000 tokens. Here are the facts on the new blockchain, why it was launched, and the new token’s airdrop/ distribution. Background on Terra 2.0 Terra 2.0 (now known formally…
Crypto exchange platform Coinbase wants to offer futures trading. The exchange needs to get approval from the National Futures Association. The firm has to register with the Commodity Futures Trading Commission.
Afterward, they can proceed with their plans. At the beginning of the year, Coinbase took over Skew. The latter is famous for tracking the derivatives market. Bloomberg reported that Coinbase Financial Markets Inc. was seeking membership regarding an application with the National Futures Association yesterday.
Coinbase is one of the best cryptocurrency stocks. For instance, it has over 68 million verified users. The film featured the new development via Twitter on Sept. 16.
They stated that this move would broaden their offerings. Furthermore, it will extend futures and derivatives trading on their platforms. They noted that the goal is to grow the crypto economy further.
Coinbase Product Portfolio
Earlier this week, the SEC notified Coinbase to block the launch of Coinbase Lend. The program intends to offer accounts that hold the Coinbase-issued stablecoin USD Coin at a 4% yield. s.
Coinbase has been eyeing cryptocurrency futures and options for a while. They plan to add to their product portfolio. At the same time, Bitcoin derivatives have become a vast market. Several global exchanges like Binance, FTX, and OKex, offer crypto futures. Others include some U.S.-based companies, such as CME Group Inc. and Kraken.
However, it’s only Kraken that provides the products to non-U.S. users. According to tracker Skew, Binance had a Bitcoin futures trading volume of over $17 billion. The numbers are according to data collected in the last 24 hours. Many U.S. exchanges have been apprehensive about this fast-growing market due to regulatory uncertainty.
The crypto derivatives markets outperform spot markets. Still, an abundance of regulatory FUD derivatives has exploded in popularity this year. According to data from CoinGecko, the market processed over $142 billion in 24 hours. Binance, Bybit, and FTX are presently leading in 24-hour open interest. They sit at $10.1 billion, $3.8 billion, and $6.8 billion, respectively. Following the statistics, it is clear why Coinbase wants a piece of the cake.
According to S&P Global Ratings, the U.S. state, including local governments, are more interested in accepting digital currencies as payments for taxes and services. Additionally, they want to invest in cryptocurrencies in their pension funds. The outsized returns that cryptocurrencies have generated during low bond yields have made some pension plans more interested in investment.