Coinbase International Achieves 1.96 Billion Dollars Trading Volume for July

According to data from The Block‘s dashboard, Coinbase‘s offshore futures exchange achieved nearly $2 billion in trading volumes during the month of July.

Coinbase International Achieves 1.96 Billion Dollars Trading Volume for July

Coinbase launched its Bermuda-registered futures exchange in May as part of its “global expansion strategy,” offering two contracts for bitcoin and ether perpetual futures. Throughout July, Coinbase International observed a total of $1.963 billion in trading volumes across these two contracts, although the activity gradually decreased over the course of the month.

It is important to note that Coinbase‘s new market currently represents only a small fraction of the broader crypto futures market. In comparison, bitcoin futures volumes reached over $550 billion in July, as reported by The Block’s data.

Considering that the marketplace is still in its early stages, it may take time to build up liquidity and attract clients from competitors. To put this into perspective, during the first month of trading in 2021, CME Group‘s ether futures contract achieved $64.3 million in volumes, significantly lower than Coinbase International’s monthly volume of $770 million for its ether contract in July.

As the new marketplace evolves, its growth and potential impact on the overall crypto futures market will be closely monitored in the coming months.