FTX, one of the prominent cryptocurrency derivatives exchanges has listed a derivatives futures contract for the leading digital currency exchange Coinbase. Shortly after the product went live on the trading platform of the FTX exchange, its price value skyrocketed. The listing of Coinbase futures on the FTX platform has come ahead of the much-anticipated Initial Public Offering (IPO) event of the San Francisco-based digital currency exchange.
Reportedly, the price value of the FTX Coinbase futures was noted to be around $125 when it was first listed on the Hong Kong-based cryptocurrency derivatives exchange. However, the price of this product spiked high potentially in the next one hour. Coinbase futures’ price surged as high to reach $295 within the duration of just one hour. It represents a price growth of around 140 percent.
However, the price of the product has decreased down slightly to the $235 level when it was last checked. From the point of the initial listing, the price value of the product was up nearly ninety percent as of the 22nd of December.
In addition to this, the trading volume of the CBSE futures product also surged high significantly on the same day of listing. After the market was opened for trading, the total volume of the Coinbase futures contract traded on the platform of the FTX exchange surged above the figure of $2.2 million within the time period of just twelve hours. It is an impressive growth shown by this newly-launched product. This outshining growth also made Coinbase futures the biggest tokenized stock market present on the platform of the FTX exchange. Moderna (MRNA) is the second-largest tokenized stock market available on FTX with a trading volume of more than $800k.
FTX has already revealed its plans to launch Coinbase Futures on its platforms. And the product was subjected to receive regulatory approval. The current valuation of the leading digital currency exchange is standing at around $58 billion which is based on the present trading of its product. This is $30 billion more than what was predicted by Messari in a report published on Friday last week.
Coinbase is soon going to conduct an initial public offering event to facilitate its listing on the stock market. And for this purpose, the crypto exchange has also filed a draft registration statement on Form S-1 with the Securities and Exchange Commission (SEC).