Coinbase to Launch Solana and Avalanche Futures Contracts
One of the biggest cryptocurrency exchanges in the world, Coinbase, announced that it will add support for Solana (SOL) and Avalanche (AVAX) perpetual contract futures on its platform.
In the announcement, Coinbase said that the new listings, SOL-PERP and AVAX-PERP are scheduled to go live on Tuesday at 16:00 UTC.
This will expand the recently launched perpetual futures market on the exchange that targets traders from eligible non-US jurisdictions, and is a continuation of the company's strategy of diversification and lesser reliance on spot trading revenue. SOL and AVAX will now join the original four contracts listed on the Coinbase Advanced and Coinbase International Exchange trading platforms, XRP, ETH, BTC and LTC.
Solana has seen an incredible year, with the coin rising 500% in value compared to 2022 and recently passing the $60 mark, with a surging interest in trading in SOL blockchain from traders and traditional institutions alike.
With the recent news, Avalanche is expected to continue its recent recovery, as the faith in AVAX coin grows stronger, indicated by a sudden 100% jump in value compared to the end of October, and while reaching the historical high of $135 is still far away from its current position, the decision from Coinbase and a recovering Bitcoin can give an additional boost to the currency in future weeks and months.
We will have to wait and see which, if any, new cryptocurrencies will join the Coinbase's list of futures contracts, but as the company moves to challenge Binance in the crypto derivatives market, it is expected that the list of offerings will continue to expand.
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