Coinbase’s institutional client-focused division, Coinbase International Exchange, is set to expand its offerings with the introduction of perpetual futures contracts for the BRC-20 token Ordinals (ORDI) and Worldcoin (WLD). This move, scheduled for April 11, aims to cater to the growing demand among institutional investors for advanced trading options in the burgeoning sectors of Ordinals-related assets and AI-driven cryptocurrencies.
Significant Market Movements
The decision to list ORDI and WLD on Coinbase International and Coinbase Advanced platforms follows substantial trading activity and price surges for both tokens. ORDI witnessed a meteoric rise of 1,640% from $5 to $87 between November 1, 2023, and March 5, 2024. It’s important to note that ORDI, while sharing its name with the Bitcoin Ordinals protocol, operates independently as a BRC-20 token and is not officially affiliated with the Ordinals development team.
Worldcoin, on the other hand, has captured the attention of investors keen on the AI sector, with its value soaring from $2.20 to $11.70 within a month. Worldcoin’s WLD token underpins a digital identity project that rewards users with cryptocurrency for creating digital IDs using their biometric data.
Expanding Futures Offerings
Coinbase International Exchange’s announcement is part of a broader strategy to enhance its perpetual futures contracts portfolio. Perpetual futures, derivatives that allow speculation on the future price of an asset without an expiration date, are increasingly popular among traders for hedging and speculative purposes. The exchange recently introduced futures for Wormhole’s W token and has plans to list futures for Litecoin and Dogecoin, acknowledging Dogecoin’s evolution from an internet meme to a recognized digital asset.
Regulatory Considerations
Coinbase intends to utilize the “self-certification” process for launching these futures contracts, aligning with the Commodity Futures Trading Commission’s (CFTC) regulatory guidelines. This approach enables the exchange to offer new products while adhering to established regulatory standards, pending formal approval.
