Coinbase Global Launches Futures for SOL (Solana) and AVAX (Avalanche) on November 14, 2023
Coinbase Global, the cryptocurrency exchange branch specializing in futures, has announced the upcoming launch of futures markets for Solana (SOL) and Avalanche (AVAX) in an official statement. According to the announcement, the SOL-PERP and AVAX-PERP markets are expected to go live on November 14, 2023, subject to required liquidity conditions.
This announcement follows the creation of Coinbase International in May this year, an initiative born out of Coinbase’s desire to fill the void left by the collapse of FTX in the futures market. Previously absent from the futures market, the platform stated that this new branch would enable institutional users to trade perpetual futures contracts in eligible countries outside the United States.
Strategy and Adaptation of Coinbase
Coinbase’s move is part of an effort to reduce its dependence on revenues generated from spot trading, which has negatively impacted the performance of its stock after several disappointing quarterly reports. Perpetual futures trading represents up to 75% of the overall volume of cryptocurrency exchanges, according to platform data. Through this diversification, Coinbase is also seeking to manage risks associated with regulatory uncertainties.
