Coinbase's US500 Index Perp Hits $100 Million Trading Volume in First Week
Coinbase's new US500 index perpetual contract has seen strong early momentum since its launch just one week ago. The product, which covers the 500 largest companies in America, reached $100 million in 24-hour trading volume within a short period of time. According to Brian Armstrong, co-founder and CEO at Coinbase, this milestone is a testament to the demand for this type of financial instrument. Armstrong highlighted that the index is available for trading in the U.S. and expressed his desire for feedback on future indices.
This development comes as part of Coinbase's ongoing efforts to expand its product offerings and grow its customer base. Earlier this year, Armstrong announced that customers can now access higher USDC rewards, and he also named Abu Dhabi as Coinbase's international tokenization hub to facilitate global financial access.