The new product will be launched by Coinbase Derivatives, an independent exchange division whose operations are regulated by the US Commodity Futures Trading Commission (CFTC).
“Cryptocurrency derivatives remain the core of our business, but we are pleased to announce the launch of new 10 barrel oil (NOL) and 1 troy ounce gold (GLD) futures contracts that are designed to expand our clients’ trading capabilities in traditional markets,” Coinbase said.
Commodity futures will complement the existing suite of CFTC-regulated cryptocurrency futures for Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Dogecoin.
Coinbase believes that offering all participants access to futures on traditional commodities such as oil and gold is part of a natural evolution associated with expanding the range of exchange-traded products available.
Earlier, the directorate of the Coinbase crypto exchange in the Asia-Pacific region reported that the platform is working on creating a service designed for Australian pension funds.
Source: Bits
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