Coinbase Paves Way for XRP Futures Contract Amid Regulatory Push

In a significant move that underscores the growing sophistication of the cryptocurrency market, Coinbase, the largest cryptocurrency exchange in the United States, has announced its plans to introduce an XRP futures contract. This development comes as the exchange’s derivatives arm seeks self-certification from the Commodity Futures Trading Commission (CFTC), setting the stage for a potentially transformative product offering for investors.

Coinbase Files for XRP Futures Contract

Coinbase, the leading cryptocurrency exchange, has announced its intention to introduce an XRP futures contract to its customer base. The exchange’s derivatives arm has filed for self-certification of XRP-based futures with the Commodity Futures Trading Commission (CFTC). If approved, this would provide a safer regulatory environment and introduce a capital-efficient way for investors to gain exposure to XRP. The high liquidity levels of XRP make it an appealing crypto asset for the exchange and its clients, positioning it as one of the most promising assets in the derivatives market.

ARK Investment Management Buys Over $13M Worth Coinbase Shares

During a $5.4 trillion sell-off in the U.S. equities market, Cathie Wood’s ARK Investment Management purchased over 83,000 shares of Coinbase (COIN) worth more than $13 million. The purchases were made by ARK’s flagship ETFs, including ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). The timing is notable as Coinbase shares slipped more than 12% while Bitcoin and other cryptocurrencies showed resilience. However, the CoinDesk 20 (CD20) index did drop by 5.8%.