Coinbase Global Inc (NASDAQ:COIN) has applied to begin trading cryptocurrency futures as it looks to broaden its product range.
The crypto exchange submitted an application with the National Futures Association (NFA) this week, the NFA confirmed.
The move “is the next step to broaden our offerings and offer futures and derivatives trading on our platforms”, according to a tweet from Coinbase, which was warned off from launching its Lend product by US regulators earlier this month.
If it becomes an approved futures commission merchant (FCM) it will need approval from the Commodity Futures Trading Commission.
Volumes across major markets for bitcoin futures was US$1.73 trillion in August, up 17% from July, according to data by The Block Research, but down from the record levels in May of US$2.56 trillion.
Number-one player in crypto futures is Binance, followed by the likes of Huobi, Okex and Bybit.
Bitcoin option volumes topped US$20bn in the first five months of the year but have dropped since.