Coinbase Stock Is Moving Higher: What's Going On?

Coinbase Global Inc 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. 

See Also: Bitcoin, Ethereum, Dogecoin Drop Despite Launch Of Europe's First BTC ETF: Analyst Sounds Alarm On Potential Correction For King Crypto In Coming Months

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.