Coinbase taps Fireblocks to upgrade futures and spot trading

abdelaziz Fathi

Digital asset custody firm Fireblocks is partnering with Coinbase International Exchange, the non-U.S. division of America’s largest crypto exchange, to improve security and governance for institutional and retail clients engaging in perpetual futures and spot trading.

Coinbase

This collaboration allows Fireblocks customers to connect their Coinbase’s accounts and safeguard operations such as withdrawals and deposits using its governance and policy rules.

By tapping into Fireblocks’ technology, crypto service firms can elevate their custody services to an enterprise-grade level, ensuring utmost security and governance standards. The integration also grants partners access to Fireblocks’ extensive network, facilitating direct connectivity to liquidity providers.

Coinbase International Exchange, which received a regulatory license from the Bermuda Monetary Authority in May 2023, initially offered derivatives trading for institutions before expanding to spot crypto trading for retail clients.

Usman Naeem, CEO of Coinbase International Exchange, stated: “As we continue to expand our offerings for institutional and retail clients, this collaboration underscores our commitment to providing a robust and reliable trading infrastructure for our global clientele.”

Additionally, Fireblocks offers a modular and scalable infrastructure that streamlines settlement processes, fortify operational security, and minimize manual errors.

Fireblocks’ secure network also enables financial firms to safely transfer digital assets between exchanges, custodians, counterparties and other portfolios, while expanding its reach to hundreds of institutional participants.

With the Fireblocks network, users are able to find and connect with some of the largest crypto and financial institutions without taking counterparty risk. Over 400 participants are already active on the network, including banks, OTCs, asset managers, liquidity providers, exchanges, lending desks, brokers, market makers, clearinghouses, and custodians.

Coinbase has been expanding its range of crypto perpetual futures offerings since it received regulatory approval to serve non-U.S. customers in select jurisdictions last year. Despite this progress, the U.S. market has posed greater challenges.

Regulatory hurdles have made it difficult to obtain similar approvals stateside, where American regulators are generally hesitant to approve crypto-based futures that carry higher risks. However, Coinbase did secure a breakthrough last year when it received the nod from the National Futures Association to offer crypto futures trading to a select group of U.S. retail traders via Coinbase Advanced.

The expansion of Coinbase’s perpetual futures offerings comes amidst a surge in derivatives trading volumes, which soared by 86.5% last month to $6.18 trillion.

Read this next

blockdag

Groundbreaking Innovations in BlockDAG’s Keynote 2 Drive Over 1120% Increase; Toncoin & Celestia Prices Rise

Explore BlockDAG’s Keynote 2, detailing the cutting-edge technical advancements that led to a significant presale boom. Discover how these innovations have driven BlockDAG’s success, and get the latest updates on Celestia and Toncoin prices.

blockdag

BlockDAG X1 Beta App Pioneers in Crypto Mining Amidst Ethereum vs Solana Rivalry and XRP Price Increase

Dive into the details of BlockDAG’s X1 beta app’s global tech presence in Shibuya, Las Vegas, and Piccadilly Circus and its pre-sale triumph during a spike in Ethereum, Solana, and XRP values.

blockdag

BlockDAG Hits $50.4M with Active Dev Release & Community Engagement; Binance Coin Price Drops and JasmyCoin Rallies

Explore how BlockDAG bolsters its reputation through a steady stream of Development releases. Get insights on Binance Coin price trends and the recent Jasmy Coin rally.

Crypto Insider

5 Upcoming Crypto for 10x Gains: How $1000 Can Become $10,000

Consider a situation where a $1000 investment may grow to a whopping $10,000. Astute Bitcoin investors have experienced this as a reality rather than a fantasy.

Retail FX

Weekly Roundup: eToro links up with Elon Musk, US crackdown on Russian FX

Let’s take a look back at top stories that dominated the financial markets in our Weekly Round coverage. This week’s digest takes a deep dive into the most recent events and trends within the Forex, Fintech, and cryptocurrency.

blockdag

Must-Watch Top 5 Crypto Picks for Q2 2024 Featuring BlockDAG, Toncoin, Solana and More

Dive into BlockDAG’s meteoric rise and explore other promising altcoins like Pepe, Toncoin, Solana, and Render for superior returns.

Retail FX

Clone of Admiral Markets draws FCA attention

The United Kingdom’s financial markets watchdog today unmasked another fraudulent entity, this time bringing to light a clone firm that has been posing as FCA-‎authorised brand, Admiral Markets UK Ltd.

Digital Assets

Gemini Earn users to recover $2.18 billion in crypto payouts

Cryptocurrency exchange Gemini has agreed to pay $50 million worth of digital assets to investors in its Gemini Earn program as part of a settlement with the New York Attorney General (NYAG), announced on Friday.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: British Pound (GBP) Weakness, US Inflation, Euro, USD June 14 ,2024

British Pound weakens due to lower inflation expectations, potential policy changes from Reform Party, and broader economic concerns.

<