Crypto Exchange Coinbase to Launch Crypto Derivative Amid Market Turmoil

Coinbase Global Inc. will launch its first crypto derivative product on Monday in the midst of the current crypto winter. Each nano Bitcoin futures contracts (BIT) will represent 1/100th of the token.

Coinbase is tapping into the derivatives space after announcing earlier this month it will lay off 18% of its workforce amid worsening market conditions. Futures and options have long been a glaring hole in its product portfolio. The bulk of Coinbase’s sales comes from spot trading, which has dropped precipitously this year.

[Via]

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