Coinbase Spreads Out its Trading Option with Perpetuals for Trending Altcoins
The prominent crypto exchange Coinbase has taken more expansion moves in the global market despite legal issues within the United States.
Coinbase aims to increase its presence and relevance worldwide as it adds more products for its clients. Recently, the exchange expanded its trading options, including perpetual for some trending altcoins.
Coinbase Includes Perpetual Trades For Major Altcoins Like DOGE, ADA, XLM, and LINK
Coinbase International Exchange took to its official X account to reveal its extended support for some prominent and trending altcoins. Some of the supported assets include Dogecoin (DOGE), Cardano (ADA), Stellar (XLM), and Chainlink (LINK).
@CoinbaseIntExch will add support for Cardano, Chainlink, Dogecoin, & Stellar perpetual future contracts on Coinbase International Exchange & Coinbase Advanced. The opening of our ADA-PERP, LINK-PERP, DOGE-PERP, and XLM-PERP markets will begin on or after 10am UTC on 30 NOV 23. pic.twitter.com/BKJcbdps15
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) November 26, 2023
The exchange noted that the altcoins will be listed on November 30. Moreover, its support for the assets will be through perpetual futures contracts, a notable crypto derivative trading option on its platform.
Coinbase’s expansion in its newly launched international trading branch serves as an attractive edge for more users and investors across the globe.
With the addition of the four altcoins to its trading list, Coinbase International now has a total of ten tradeable contracts on its platform. Previously, the exchange arm supported the trading of Bitcoin (BTC), Ripple (XRP), Ether (ETH), Litecoin (LTC), Solana (SOL), and Avalanche (AVAX).
Notably, investors get exposure to the price trend of assets through perpetual futures contracts without direct acquisition of the underlying assets. This means that users could hold the contracts indefinitely once they maintain a favourable trading position.
Usually, perpetual contracts are different from time-based future contracts in terms of stated settlement periods like weekly, monthly, quarterly, and others.
Coinbase launched its new international exchange arm, focusing on institutional investors in some regions outside the US. However, the firm has recently bagged a license to include retail clients on its platform.
Coinbase Escalates Its Volume With Increased Altcoin Trading
Coinbase International recently achieved a remarkable feat through its massive trading volume. The firm uses the soon-coming listing of more altcoins to boost its trading volume and user base. Impressively, the platform witnessed more than $4.7 billion in trading volume for its listed pairs over the past 30 days.
It added some of the prominent and trending altcoins as a measure to attract more investors to its perpetual trading option. Also, its choice of assets is those with substantial market valuations in the crypto market.
Among the newly selected assets to be listed, ADA and DOGE are within the top 10 range of cryptocurrencies in terms of market cap. LINK and XLM occupy the 12th and 25th positions of token ranking, respectively.
Additionally, all four tokens have recorded double-digit reclaims in their value within the past 30 days.
According to data from CoinMarketCap, Cardano (ADA) and Chainlink (LINK) surged by over 35% over the past month. However, the 30-day price action for Dogecoin (DOGE) reflected an increase of 11.50%, while Stellar (XLM) spiked by almost 5% within the same period.