US-based cryptocurrency exchange Coinbase has announced that it will launch retail-scale futures contracts for oil and gold. Coinbase Derivatives said Tuesday that its new product will be available starting June 3.
“Cryptocurrency derivatives are core to our business, but we are excited to announce the launch of new futures contracts for oil and gold,” the company said in a statement.
Coinbase Derivatives, which is regulated by the Commodity Futures Trading Commission (CFTC), already offers clients Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Dogecoin futures, the company said in a statement.
“The new contracts, worth 10 barrels of oil and 1 troy ounce of gold, aim to provide enhanced trading opportunities in traditional markets,” Coinbase said.
Last March, the cryptocurrency exchange announced plans to launch monthly cash-settled futures contracts. Dogecoin, Litecoin and bitcoin cash.
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RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal and has covered companies including Disney, Netflix, and Warner Bros. and the creator economy, with a primary focus on technological innovation across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.