Cardano (ADA) and Dogecoin (DOGE) Receive Additional Support by Coinbase: Details
TL;DR
Coinbase Adds New Perpetual Futures: Coinbase is introducing perpetual future contracts for Cardano, Dogecoin, Chainlink, and Stellar, allowing users to speculate on their future values.
Minimal Market Impact: The announcement has not significantly affected the market, with some of the included cryptocurrencies showing slight declines.
Ongoing Delisting of Trading Pairs: Coinbase has recently delisted 80 trading pairs to improve market liquidity and health, while maintaining trading for these coins with USDC balances in certain regions.
Coinbase’s Adjusted Offering
One of the largest cryptocurrency exchanges by trading volume – Coinbase – has decided to extend its support toward four cryptocurrencies. Those are Cardano (ADA), Dogecoin (DOGE), Chainlink (LINK), and Stellar (XLM), with the company including them in perpetual future contracts.
The exact trading pairs are ADA-PERP, LINK-PERP, DOGE-PERP, and XLM-PERP, as those will become available for customers on November 30.
Perpetual future contracts enable users to speculate on the future valuation of a certain asset without an expiration date. They can also be held indefinitely.
Coinbase’s announcement has not triggered substantial volatility for the aforementioned assets, with some of them even charting slight declines on a daily basis. XLM has plunged 5%, whereas LINK has dropped almost 6% (per CoinGecko’s data).
Coinbase’s Delisting Efforts
Apart from adding more tokens to its existing services, the exchange has also removed some over the past few months. In October, it delisted 80 trading pairs from Coinbase Exchange, Advanced Trade, and Coinbase Prime “to improve overall market health and consolidate liquidity.”
Some of those include AGLD-USDT, BNT-BTC, SUSHI-BTC, ZEN-BTC, and many others. The team explained that Coinbase Advanced Trade users in eligible regions can still trade these coins using USDC balances.
Prior to that, the organization suspended trading with BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI) and Voyager (VGX).
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Filed under: Bitcoin - @ November 27, 2023 9:15 pm