Coinbase, Gemini Launch Their Own Cryptocurrency Derivatives Trading Platforms

San Francisco-based cryptocurrency exchange Coinbase has announced the launch of Coinbase International Exchange, a global cryptocurrency derivatives trading platform, a day after its rival Gemini launched non-US derivatives trading platform. Coinbase International Exchange "will enable institutional users based in eligible jurisdictions outside of the US, to trade perpetual futures".

The platform listed BTC and ETH perpetual futures contracts earlier on Tuesday (May 2). All transactions on the platform are settled in USDC, with no fiat on-ramp required. These contracts initially offer up to 5x leverage, and institutional clients in eligible, non-US jurisdictions can direct access trading via API, stated the company in the announcement.

In addition, the company noted that "these products are not available to retail customers at this time".

Coinbase explained: "Building out a global perpetual futures exchange for digital assets will help support an updating of the financial system by making Coinbase's trusted products and services more accessible to users of digital assets who live outside of the US. As more and more markets are moving forward with regulatory frameworks to become crypto hubs, we believe the moment is right to launch this international exchange."

On Monday (May 1), another cryptocurrency exchange, Gemini, announced the official launch of its non-US derivatives trading platform, Gemini Foundation. The platform is open to customers in 29 jurisdictions including Singapore, India, Argentina, New Zealand, and the Philippines, but is not available to customers in the United States of America, United Kingdom, or the European Union, stated Gemini.

Gemini Foundation has now listed BTC perpetual contract denominated in Gemini dollars (GUSD), with a leverage up to 100x. Gemini added that it "will also be launching an ETH/GUSD perpetual contract in the coming weeks".

The crypto firm noted that: "To open a Gemini Derivatives account, customers must reside in a supported jurisdiction, and have a Gemini account."