Coinbase to launch Retail Sized Oil and Gold Futures Trading on June 3

U.S. publicly traded cryptocurrency exchange Coinbase on Tuesday announced the launch of retail-sized futures contracts for oil (NOL) and gold (GLD).

According to the official statement, the product will be launched on June 3rd. These new features are to complement the existing list of Commodity Futures Trading Commission (CFTC)-regulated crypto futures on the platform.

Following the introduction of its Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and even dog-themed memecoin Dogecoin (DOGE) futures contracts, the company witnessed a massive increase in demand for retail-focused products on a user-friendly and regulated exchange. This encouraged the decision to “extend these benefits to NOL and GLD futures in addition to providing crypto investors with cross-hedging options across various asset classes.

Coinbase, led by Brian Armstrong, stated that crypto derivatives remain at the core of its business and believes adding traditional commodities like oil and gold to its cryptocurrency commodities is a natural expansion for the company's product line. We can't wait to see these contracts mature and the liquidity they will bring to investors in a regulated way." 

The company hopes to further democratize its customers' access to a variety of financial markets, which demonstrates Coinbase's dedication to offering their users unique and innovative trading opportunities within a regulated environment.

“We are introducing new futures contracts with the primary goal of "facilitating price discovery and risk management through diversified markets," the company stated.

“The new contract, which measures 10 barrels of oil and 1 troy ounce of gold, is aimed at creating more trading opportunities in traditional markets and allowing traders to benefit from price movements and hedge their existing holdings, catering to seasoned investors and retail enthusiasts," Coinbase said.

The decision to list Coinbase’s oil and gold futures contracts marks a turning point for the largest crypto exchange and the industry as a whole.

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