Coinbase’s institutional client-facing subsidiary announced that it would market perpetual future contracts for Worldcoin and the BRC-20 token Ordinals.
Coinbase International Exchange announced in an April 5 X post that it would launch perpetual futures products for WLD and ORDI as early as April 11 and make them accessible to institutional investors on Coinbase Advanced and Coinbase International.
In recent months, there has been a lot of trading activity and price change in ORDI and WLD. Worldcoin rose from $2.20 on February 7 to $11.70 on March 10, which swiftly became one of the top currencies for cryptocurrency investors looking to gain exposure to the AI market, according to CoinMarketCap statistics.
With ownership open to everybody, Worldcoin seeks to become the world’s greatest privacy-preserving financial and human identity network. Sam Altman, Max Novendstern, and Alex Blania established Worldcoin in 2019.
Its native token, WLD, is intended to function as a governance-capable utility token that gives users control over the protocol’s future course. From $5 on November 1, 2023, to a high of $87 on March 5, ORDI surged 1,640% due to a rush for assets tied to Ordinals that started late last year.
A cryptocurrency called ORDI that delivers text and graphics as NFTs and tokens is built on the Bitcoin system. The bulk of ORDI tokens have been airdropped to users; the Ordinals protocol writes text, photos, audio, and video to each Satoshi.
The statement made on April 5 is part of a wave of new perpetual futures contracts that Coinbase, an exchange geared toward institutions, is introducing to its global arm.
Perpetual futures, sometimes referred to as perpetual swaps or just perpetual, are a kind of derivative contract that lets traders speculate on an asset’s future value without worrying about it expiring. Futures contracts must undergo a regulatory approval process depending on the commodity being marketed.
Wormhole’s native W (W) coin was made available for trading on Coinbase International Exchange on April 4. The coin was also given away as part of a $850 million airdrop to users of the cross-chain bridge early on.
On March 21, however, Coinbase quietly revealed its intentions to provide futures contracts for the memecoin Dogecoin and Litecoin, asserting that the latter had grown past its beginnings as an internet joke to become a genuine digital currency.
Notably, Coinbase declared that, provided it complied with the regulatory guidelines set forth by the Commodities Futures Trading Commission, it would initiate futures contracts using the “self-certification” process before receiving formal approval from the commission.
