Coinbase’s offshore derivatives exchange saw an increase in daily trading volumes, reaching $287 million on August 18.
Volume increase on Coinbase’s offshore exchange showed that the exchange reached a volume of $ 300 million. This increase in the platform marked $300 million daily.
Coinbase’s offshore derivatives exchange sees $300 million in daily volume
Coinbase’s offshore derivatives exchange reached $300 million in volume on a daily basis.
This offshore derivatives exchange offers trading in perpetual futures contracts and was launched in May. Since August 14, daily trading volumes have been over $100 million, and lastly, on August 18, daily trading volume of $287 million was reached.
Coinbase has stated that it aims to accelerate its global expansion by opening this new exchange. These expansion efforts have come under the influence of factors such as Coinbase’s ongoing legal battle with the SEC, as well as the uncertain regulatory environment in the US. Coinbase opened its offshore derivatives exchange, including 50 institutions as clients in new markets, with $5.5 billion in transactions in the first seven weeks.
However, Bitcoin futures volumes have experienced a steady decline overall. Volumes peaked in the spring, falling from $1.3 trillion in March to $608 billion in July.
