Coinbase Global Exchange Set to List Ordinals and Worldcoin Perpetual Futures
Summary:
Coinbase Global Exchange announced its decision to list perpetual futures products for Ordinals (ORDI) and Worldcoin (WLD) on its platform. The significant trading volumes and price action for these tokens are set to entice institutional investors. The BRC-20 Tokens have no official connections with their deployers and are separate entities with borrowed namesakes. Additionally, Coinbase has included perpetual futures contracts on its international institutional-focused exchange, offering a type of derivative contract without expiry. Notably, the firm plans to employ a "self-certification" tactic for an early launch, bypassing the need for official approval from regulating authorities.
On April 5, it was announced by Coinbase Global Exchange that its institutional clients will soon be able to engage with BRC-20 token Ordinals (ORDI) and Worldcoin perpetual futures. The exchange plans to feature these perpetual futures products no later than April 11, offering access to ORDI and WLD for institutional investors worldwide.
ORDI and WLD have seen considerable trading activity and price fluctuations in recent times. A significant surge was seen with ORDI, which increased by 1,640%, from $5 on November 1, 2023, to an impressive $87 on March 5, largely due to the rally behind Ordinals-based assets at the end of that year. The Ordinals (ORDI) token, however, has no official connection to the Bitcoin Ordinals deployer or any of the Ordinals team. Its resemblance is purely nominal, being a discrete BRC-20 token borrowing its name from the Ordinals protocol.
Worldcoin, on the other hand, has quickly become a preferred token for those crypto investors eagerly wanting to tap into the AI industry. Worldcoin witnessed a price jump from $2.20 on February 7 to a high of $11.70 on March 10, as per data from CoinGecko. The native token of Worldcoin, WLD, represents a digital identity venture providing cryptocurrency to users who agree to produce their biometric data for a digital ID.
The latest announcement comes amidst a series of new perpetual futures contracts being introduced to the Coinbase internation exchange's global institutional platform. Perpetual futures, otherwise known as perpetual swaps or perpetuals, are a specific type of derivative contract enabling traders to predict the future price of an asset indefinitely. The sanctioning process for these futures depends on the nature of the product being proposed.
On April 4, futures contracts for Wormhole’s native (W) token were also added to the Coinbase Global Exchange, coinciding with an $850 million airdrop to early users of the cross-chain bridge. Further, on March 21, Litecoin (LTC) and meme token Dogecoin (DOGE) were earmarked for futures contracts, with Coinbase acknowledging Dogecoin’s credible standing as a genuine digital asset.
Interestingly, Coinbase clarified its plan to utilise the "self-certification" approach to introduce the futures contracts, bypassing the need for official approval from the CFTC, as long as the necessary regulatory guidelines preset by the commission were adhered to.
Published At
4/5/2024 8:17:35 AM
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