Coinbase files for LINK, SHIB, AVAX, XLM and DOT futures

• Coinbase files futures contract listing for five altcoins with CFTC.
• The five altcoin futures contracts include DOT, SHIB, XLM, AVAX, and LINK.
• Trading in these futures contracts will begin on July 15, 2024.

Coinbase has deposit with the Commodity Futures Trading Commission (CFTC) to list futures contracts for five popular altcoins: Polkadot (DOT), Shiba Inu (SHIB), Stellar (XLM), Avalanche (AVAX), and Chainlink (LINK).

According to a release per Coinbase, these new futures products are expected to begin trading on July 15, 2024.

Coinbase looks to expand its product suite

The addition of these futures contracts is an important step for Coinbase as it seeks to improve its product offering and provide its users with more versatile trading options.

Futures contracts are financial derivatives that obligate the buyer to buy, or the seller to sell, an asset at a predetermined future date and price. This allows traders to speculate on the future price movements of these altcoins with reduced initial capital requirements compared to spot trading.

Coinbase highlighted the benefits of this expansion, stating:

“With the addition of AVAX, LINK, DOT, XLM, and SHIB, our participants and their clients have more access points to manage risk, speculate on price movements, and participate in the crypto economy with reduced initial capital requirements. This expansion not only diversifies our product lineup, but can also improve the overall trading experience for our users.”

Among the five tokens, Avalanche (AVAX) holds the largest market capitalization, valued at $11.1 billion, followed by Shiba Inu (SHIB) with a market capitalization of $10.1 billion.

By introducing futures contracts for these specific tokens, Coinbase is positioning itself to attract a broader range of traders and investors. The new futures products are expected to provide additional tools for market participants to hedge their investments and capitalize on the volatility of the cryptocurrency market.

Coinbase’s move underscores its commitment to innovation and growth in the rapidly evolving digital asset space, ensuring it remains at the forefront of the industry.