Coinbase's (NASDAQ:COIN) overseas futures exchange recorded nearly $2 billion in volumes for July.
The company, set to announce its second-quarter (Q2) earnings this Thursday, initiated its Bermuda-based futures exchange in May.
This move was part of what the firm termed a "global expansion strategy," The Block reported. The exchange was launched with two contracts, namely Bitcoin (CRYPTO: BTC) and Ether (CRYPTO: ETH) perpetual futures.
Throughout July, Coinbase International witnessed $1.963 billion in volumes traded across these two contracts, with the activity gradually decreasing as the month progressed.
Coinbase's new market constitutes a minor segment of the broader crypto futures market.
In July, Bitcoin futures volumes exceeded $550 billion, as per The Block's data.
However, it's still the initial phase for this new marketplace, and it might require time to accumulate liquidity and draw clients from rivals.
For instance, CME Group registered $64.3 million in volumes for its ether futures contract during its first trading month in 2021, the data states.
In contrast, monthly volumes for Coinbase International's Ether contract reached $770 million in July.
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Image: Coinbase
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