Coinbase Derivatives Exchange Reveals Nano Bitcoin Futures Product

Coinbase is getting into the world of crypto derivatives as the Coinbase Derivatives Exchange has announced the launch of BIT, a nano bitcoin futures product tied to 1/100th of a bitcoin (BTC). The news follows Coinbase acquiring the derivatives exchange Fairx in mid-January 2022 as the company said it would be leveraging Fairx’s exchange infrastructure.“This is an important step toward Coinbase ultimately making the derivatives market accessible to our millions of customers through an industry-leading, simplified user experience,” Coinbase said at the time. While the nano bitcoin futures product will be managed by Coinbase Derivatives Exchange, investors will obtain BIT via retail stock brokers on June 27.The news follows a number of changes Coinbase has been making in recent times. For instance, on June 22, the company revamped the Coinbase wallet in order to make “Web3 more accessible and intuitive.” Furthermore, the day after revealing the improved wallet, Coinbase explained that it was combining Coinbase Pro (exchange) with the user’s Coinbase account.“We plan to merge the features and fee schedule of Coinbase Pro into a new unified Coinbase account that offers our users the choice of an advanced trading experience or the simplicity of the Coinbase consumer app,” Coinbase explained. Coinbase won’t be the only one offering nano-styled crypto futures, as CME Group and the FTX-acquired Ledgerx also provide micro contracts.