Crypto exchange Coinbase is getting into the world of digital asset derivatives as the Coinbase Derivatives Exchange has declared the launch of BIT, a nano BTC futures product tied to 1/100th of a bitcoin. The news comes after the exchange acquired the derivatives exchange Fairx in mid-January this year as the organization mentioned that it would be leveraging Fairx’s exchange infrastructure.
At the time, Coinbase mentioned,
“This is an important step toward Coinbase ultimately making the derivatives market accessible to our millions of customers through an industry-leading, simplified user experience.”
While the nano BTC futures product will be managed by Coinbase Derivatives Exchange, investors will be able to obtain BIT by means of retail stock brokers on 27th June.
The latest development follows a number of modifications the exchange has been making in recent times. For example, on 22nd June, the organization overhauled the Coinbase wallet in order to make “Web3 more accessible and intuitive.”
“We plan to merge the features and fee schedule of Coinbase Pro into a new unified Coinbase account that offers our users the choice of an advanced trading experience or the simplicity of the Coinbase consumer app.”
Notably, CME Group launched micro BTC and micro ETH futures at the culmination of March and each product is one tenth the size of one BTC or ETH. FTX US Derivatives (earlier known as Ledgerx) offers BTC mini futures contracts and crypto investors would be able to participate with as little as 0.01 Bitcoin.
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