Coinbase International Exchange, the overseas arm of the U.S.-based Coinbase crypto exchange, has hit a big milestone.
On Feb. 20, 2024, Coinbase International Exchange announced that it had surpassed $1 billion in notional contract volume traded within a 24-hour time frame for its perpetual futures offerings.
Perpetual futures are a type of derivatives contract that allows traders to speculate on the price movements of cryptocurrencies without an expiry date or delivery of the underlying asset.
The overseas Coinbase exchange, which is only open to non-U.S. consumers in select jurisdictions, debuted in Bermuda in May 2023, kicking off initially with BTC and ETH perpetual futures.
Since then, the exchange has expanded its listing to support major cryptocurrencies such as Cardano (ADA), Solana (SOL), XRP, optimism (OP), Arbitrum (ARB), Ethereum Classic (ETC), Polygon (MATIC), Bitcoin Cash (BCH), Dogecoin (DOGE), Chainlink (LINK), Stellar (XLM), Avalanche (AVAX) and Litecoin (LTC).
In January, the Coinbase International Exchange added support for Celestia, Injective and Sei's perpetual future contracts. At the start of February, the exchange announced support for Aptos, Filecoin and Sui perpetual future contracts.
In an upcoming listing, Coinbase International Exchange will be adding support for Polkadot, Internet Computer and NEAR Protocol perpetual future contracts. The opening of the DOT-PERP, ICP-PERP and NEAR-PERP markets is expected to begin on Feb. 22, 2024, at or after 10:00 a.m. UTC.
Aside from expanding its crypto-asset offering, Coinbase International Exchange has also seen growth in volume. As reported on the Coinbase Q4 Earnings Call, over $16 billion in notional contract volume was traded on Coinbase International Exchange perpetual futures in Q4.
In December 2023, Coinbase announced the next phase of its International Exchange expansion: the launch of non-U.S. spot markets for eligible customers. This kicked off with the BTC-USDC and ETH-USDC trading pairs.