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Coinbase’s International arm is rapidly expanding its options with a new lineup of altcoins coming to the platform this month.
Leading crypto exchange Coinbase has sought to grow its market share on the global market amid its regulatory woes in the United States. The company’s recently launched international arm has attracted more users and hopes to onboard even more by adding trending altcoins to its basket of assets.
This weekend, Coinbase International revealed it will soon add support for popular altcoins Cardano (ADA), Dogecoin (DOGE), Chainlink (LINK), and Stellar (XLM). The new assets will be listed on November 30 and available for trading through perpetual futures contracts, a popular crypto derivative product.
@CoinbaseIntExch will add support for Cardano, Chainlink, Dogecoin, & Stellar perpetual future contracts on Coinbase International Exchange & Coinbase Advanced. The opening of our ADA-PERP, LINK-PERP, DOGE-PERP, and XLM-PERP markets will begin on or after 10am UTC on 30 NOV 23. pic.twitter.com/BKJcbdps15
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) November 26, 2023
Perpetual futures contracts allow exposure to the price movement of an asset without acquiring the underlying asset. “Perpetual” entails that users can hold the contracts indefinitely if they maintain a favorable trading position. Perpetual contracts differ from time-based futures contracts, with defined settlement timelines such as weekly, monthly, quarterly, etc.
The impending addition of four new assets to Coinbase International would bring the list of tradeable contracts on the platform to ten. Before now, the platform only supported trading for Bitcoin (BTC), Ether (ETH), XRP, Litecoin (LTC), Avalanche (AVAX), and Solana (SOL).
Coinbase’s new international exchange primarily caters to institutional investors in select non-US jurisdictions, although the company recently secured a license to onboard retail customers. In the past 30 days, the platform has handled over $4.7 billion in trading volume across its supported pairs.
Coinbase Turns to Trading Alts for Volume
Coinbase International’s upcoming listings evidently represent an effort to bring more volume and users to its platform. Unsurprisingly, the platform has selected a list of trending altcoins for this purpose and also stuck with adding the largest coins by market capitalization.
Three of the four assets fall within the top ten cryptocurrencies by market cap, with Stellar (XLM) being the only exception. At the same time, all four assets have seen double-digit gains in the past month.
CoinMarketCap data shows that Cardano (ADA) and Chainlink (LINK) have gained 35% in the past month. Similarly, DOGE and XLM have seen gains between 10-12%, reflecting investor interest in gaining exposure to the assets.