Coinbase’s institutional-oriented subsidiary has unveiled its intention to introduce perpetual futures contracts for the BRC-20 tokens Ordinals (ORDI) and Worldcoin (WLD) on April 11.
In an announcement shared on April 5 via Coinbase International Exchange, the platform disclosed its plans to make perpetual futures products for ORDI and WLD available starting April 11. These contracts will cater specifically to institutional investors and will be accessible on both Coinbase International and Coinbase Advanced platforms.
Both ORDI and WLD have experienced notable price fluctuations and increased trading activity in recent months.
Worldcoin has emerged as a prominent choice among crypto investors seeking exposure to AI technology, witnessing a surge from $2.20 on Feb. 7 to a peak of $11.70 on March 10, based on CoinMarketCap data. Founded in 2019 by Sam Altman, Max Novendstern, and Alex Blania, Worldcoin aims to establish itself as the largest privacy-preserving human identification and financial network. Its native token, WLD, serves as a utility token with governance attributes, enabling users to influence the protocol’s future trajectory.
ORDI has surged significantly, climbing 1,640% from $5 on Nov. 1, 2023, to a high of $87 on March 5. ORDI, a cryptocurrency built on the Bitcoin protocol, facilitates the creation of text and image-based NFTs and tokens. The Ordinals protocol embeds information into each Satoshi, encompassing text, images, audio, and video. Most ORDI tokens have been distributed to users through airdrops.
The announcement on April 5 forms part of Coinbase International Exchange’s rollout of new perpetual futures contracts, focusing on institutional clients.
Perpetual futures, also known as perpetual swaps or perpetuals, represent a derivative contract type enabling traders to speculate on an asset’s future price without a set expiration date. The introduction of futures contracts is subject to regulatory approval, contingent upon adherence to regulatory guidelines.
Earlier, on April 4, Coinbase International Exchange launched futures contracts for Wormhole’s native W (W) coin, accompanied by an $850 million airdrop for early cross-chain bridge users.
Additionally, on March 21, Coinbase unveiled plans to introduce futures contracts for both Litecoin and the memecoin Dogecoin, asserting their status as legitimate digital currencies. Coinbase intends to utilize the “self-certification” method for launching futures contracts before obtaining official clearance from the Commodity Futures Trading Commission, provided they comply with regulatory standards.