The Launch Of Dogecoin Futures On Coinbase Derivatives Postponed Due April 29

Key Points:

• Dogecoin futures on Coinbase Derivatives has been delayed the launch from April 1 to April 29, amidst a surge in memecoin enthusiasm.
• Coinbase believes Dogecoin’s enduring popularity signifies its transition from a meme to a significant cryptocurrency.

Coinbase Derivatives, a derivatives exchange, has delayed the launch of Dogecoin (DOGE) futures contracts from April 1 to April 29.

Dogecoin Futures on Coinbase Derivatives Postponed Launch

Initially, the exchange had announced plans to introduce monthly cash-settled futures contract trading for Dogecoin, Litecoin, and Bitcoin Cash on April 1, with Coinbase Derivatives having quietly filed for a series of futures products earlier this month.

However, the launch was postponed, including Dogecoin futures on Coinbase Derivatives. These filings, which are yet to be approved by the Commodity Futures Trading Commission (CFTC), slipped under the radar amidst the recent surge in memecoin enthusiasm.

Coinbase, a prominent crypto exchange, views Dogecoin’s sustained popularity as evidence of its evolution from a meme to a significant player in the cryptocurrency industry. This perspective has prompted the exchange to plan futures trading products for Dogecoin futures on Coinbase, asserting that the memecoin has transcended its origins as a joke to become a foundational element in crypto.

Coinbase’s Strategy with Futures Contracts

In three separate letters to the CFTC on March 7, Coinbase Derivatives revealed its intention to launch cash-settled futures contract products as early as April. Notably, the letters indicated that Coinbase Derivatives could list futures contracts on its platform before receiving official approval from the CFTC, relying on the “self-certification” method.

Despite some confusion among market commentators, analysts suggest that listing futures contracts could be a strategic move by Coinbase to influence the Securities and Exchange Commission. Meanwhile, Dogecoin’s price has surged by 34% this week, trading at $0.21 at the time of publication, according to CoinMarketCap data.