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.


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.

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