Coinbase Global Inc (NASDAQ:COIN) shares are trading higher Wednesday after the company announced it secured regulatory approval to offer crypto futures on its platform.
What Happened: Coinbase said the National Futures Association (NFA) approved the company to operate as a Futures Commission Merchant and offer crypto futures to eligible U.S. customers.
Coinbase filed an application to register as a Futures Commission Merchant in September 2021. The company said it has worked with regulators since to make sure it complied with all necessary regulations.
"We believe this is a watershed moment to be able to bring regulated crypto products to US customers," Coinbase said in a blog post.
"This is a critical milestone that reaffirms our commitment to operate a regulated and compliant business and be the most trusted and secure crypto-native platform for our customers," the company added.
Coinbase will now be the first crypto-native player to directly offer traditional crypto trading alongside regulated crypto futures.
COIN Price Action: Coinbase shares were up 2.87% at $81.45 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Coinbase.
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