Since their debut on August 1, perpetual futures contracts for XRP and Litecoin (LTC) have seen a staggering $43.7 million in trading volume on Coinbase International, according to recent data shared by the exchanges.
In the meantime, major U.S. exchanges, including Coinbase and Kraken, have recently relisted XRP. This move followed a crucial ruling in favor of Ripple, which saw XRP's value skyrocket by 70%, even surpassing BNB at one point.
Perpetual crypto futures, commonly known as "perpetuals," are a type of derivative contract in the cryptocurrency market. They allow traders to buy or sell the value of a specific cryptocurrency at a later date. Unlike traditional futures contracts, perpetual futures can be held indefinitely. This characteristic distinguishes them from regular futures contracts.Coinbase's international exchange for cryptocurrency derivatives was introduced earlier this year, allowing institutional users outside the U.S. to engage in perpetual futures trading.
This move comes as the digital assets industry seeks recovery from past disruptions and Coinbase is busy battling the U.S. Securities and Exchange Commission (SEC).
The Bermuda-based overseas branch of Coinbase will primarily serve institutional clients and market makers, according to a Fortune report.
Despite recent speculation following Coinbase's acquisition of a license in Bermuda, CEO Brian Armstrong has refuted the idea of relocating the company outside the U.S. due to regulatory concerns. Instead, he stressed that Coinbase remains committed to its U.S. base, with international licenses aiding global expansion.