Coinbase, one of the leading cryptocurrency exchanges, recently made some exciting announcements during its annual State of Crypto Summit on June 12. The exchange revealed plans to launch a Bitcoin-backed credit card, known as the Coinbase One Card, as well as introduce CFTC-compliant perpetual futures contracts for US customers.
Perpetual futures contracts have been a popular trading product in the crypto space, representing a significant portion of global turnover. Coinbase’s head of consumer and business products, Max Branzburg, stated that the exchange will soon list perpetual futures contracts for domestic users under the oversight of the Commodity Futures Trading Commission (CFTC). These new products will mirror offshore perpetuals while adhering to US margin and clearing rules.
Branzburg emphasized the importance of offering crypto derivatives trading to US customers, stating, “We are not ready to let crypto derivatives trading be a non-U.S. phenomenon.” The launch of CFTC-compliant perpetual futures will provide domestic traders with access to a powerful trading product on a safe and regulated exchange.
In addition to the perpetual futures announcement, Coinbase also introduced the Coinbase One Card. This credit card, issued by First Electronic Bank and cleared on the American Express network, will offer up to 4% back in Bitcoin on every purchase. Cardholders can choose to repay their balances from linked bank accounts or crypto balances held on the exchange, with no foreign transaction fees.
Only Coinbase One subscribers will have access to the Coinbase One Card, which comes with a membership fee of $49.99 per year. In addition to the credit card benefits, subscribers will also enjoy perks such as waived trading fees on the first $500 of monthly spot volume, increased USDC rewards, higher staking yields on eligible assets, and coverage for Base smart wallet gas fees.
Furthermore, cardholders will have access to American Express Experiences and retail offers. Coinbase mentioned that customers with larger balances on the platform will earn higher bitcoin rebates through the Coinbase One Card.
Overall, Coinbase’s latest announcements showcase the exchange’s commitment to providing innovative products and services to its customers. The introduction of the Coinbase One Card and CFTC-compliant perpetual futures contracts demonstrates Coinbase’s dedication to expanding its offerings and catering to the needs of US traders in the cryptocurrency market.