Coinbase Derivatives is gearing up to introduce two new cryptocurrency futures products, namely XRP futures and nano XRP futures, as per its recent filings with the U.S. Commodity Futures Trading Commission (CFTC).
Both futures contracts will be cash-settled and indexed to the MarketVector Coinbase XRP index, as detailed in the Thursday submissions. The standard XRP futures contract encapsulates 10,000 XRP, while its nano counterpart includes 500 XRP.
Scheduled to debut on or after April 21, these contracts follow the self-certification filings. On Thursday, Coinbase Institutional stated its plan to launch the XRP futures contract on April 21, offering a “regulated, capital-efficient way to gain exposure to one of the most liquid digital assets.”
This development comes on the heels of significant legal achievements for Ripple and XRP. In the previous month, Ripple’s CEO, Brad Garlinghouse, announced that the U.S. Securities and Exchange Commission (SEC) will withdraw its appeal in the ongoing XRP case. A 2023 ruling had already established that Ripple’s systematic XRP sales—through platforms like Coinbase—didn’t breach securities laws, as they were carried out through blind bid processes. Despite this, the court ruled that direct sales to institutional investors were securities offerings. With the SEC deciding against an appeal, this ruling is now upheld, reinforcing the notion that XRP is not a security.
The filings represent the latest move by Coinbase Derivatives to broaden its regulated crypto derivatives portfolio for both institutional and retail customers. The addition of XRP futures expands a suite that already includes contracts linked to bitcoin, ether, solana, dogecoin, and cardano. The exchange also provides non-crypto derivatives, with contracts tied to gold, silver, natural gas, and crude oil.
In 2022, Coinbase Derivatives Exchange was inaugurated following Coinbase’s acquisition of the CFTC-regulated futures exchange FairX. The platform is now looking to offer traders more resources to hedge or gain exposure to XRP price fluctuations. According to The Block’s XRP price page, XRP is currently trading around $2, marking a roughly 2% increase over the past 24 hours.
