Crypto trading venue Coinbase Derivatives has applied for self-certification with the US Commodity Futures Trading Commission (CFTC) to list the Solana Futures Contract. The exchange directed the letter to CFTC’s Christopher Kirkpatrick, highlighting February 18 as its desired launch date for the product.
Coinbase Derivatives and the Solana Futures Product
According to the self-certification, the platform said the Solana Futures is a USD-settled index product type. While it announced a contract size of 100 Solana, it pegged the contract notional at approximately $25,000.
Coinbase Derivatives pegged the minimum tick size at $0.01 per Solana with a minimum tick value pegged at $1 per contract. Unlike the offerings in its other units, Coinbase said the Solana Futures product will only trade at specific times and days.
Coinbase Derivatives recognized the relative Solana volatility in the footnotes attached to the product. The exchange noted that its embrace, drawing on its high-performance DeFi and Non-Fungible Token (NFT) ecosystem,s can impact the product. However, it reiterated that it has experience managing products within the two extreme market conditions.
This SOL Futures offering comes amid a growing push for a product that connects more with the Traditional Finance (TradFi) ecosystem. As reported earlier, Cboe has refiled the Solana ETF 19b-4 for VanEck, Canary, Bitwise, and 21Shares. This filing proves more mainstream investors are looking to gain exposure to the coin, ushering in a ready market for the Coinbase Derivatives product.
This is a breaking news, please check back for updates!!!
The post Breaking: Coinbase Derivatives Files to Launch Solana Futures With US CFTC appeared first on CoinGape.
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