Coinbase Clears Regulatory Hurdle as COIN Shares Bounce
Coinbase Global Inc.'s COIN shares are trading higher after a busy stretch for the company, including regulatory approval, an expanded banking partnership, and analyst activity.
The CFTC approved Coinbase's Clearing LLC on Monday, allowing it to launch its first USDC-native derivatives clearinghouse. This completes Coinbase's regulated derivatives stack, which now includes futures commission merchant through Coinbase Financial Markets, a designated contract market through Coinbase Derivatives, and a registered derivatives clearing organization through Coinbase Clearing.
According to Molly Abraham, General Counsel of Coinbase, 'Today's CFTC approval completes Coinbase's end-to-end derivatives infrastructure, enabling us to bring more regulated derivatives products to market with native USDC collateral and 24/7 settlement.'
Citi and Coinbase also announced an expanded collaboration to connect digital and fiat payments for corporations and consumers. The partnership will allow institutional clients to accept stablecoin payments at checkout, powered by Coinbase Payments.