Infrastructure provider Fireblocks has expanded its services portfolio. Through a partnership with Coinbase, it now offers derivatives and trading products to institutional and retail investors.
According to an announcement on June 10, the Fireblocks platform now supports trading perpetual futures and spot contracts with Coinbase International Exchange. The solution targets mainly institutional investors, including hedge funds, trading firms, and family offices.
The company claimed potential benefits for users include perpetual and spot trading under pre-defined governance policies and workflows to mitigate security risks and unauthorized transactions. Perpetual trading involves betting on future price changes without an end date or obligation to own an asset, unlike spot trading, in which you immediately buy or sell the asset.
The new capabilities are available only to users in “eligible jurisdictions” outside the United States. Coinbase International, a Bermuda-based company, gives no indication of which countries it serves on its website or Terms of Service.
The current crypto bull market is giving Fireblocks the opportunity to expand its business. Recently, the company announced the launch of a custodian arm in the United States, targeting institutional demand for digital assets.
The new entity will initially offer custody of Bitcoin (BTC), Ether (ETH) and three stablecoins, with additional assets added under the requirements of the New York Department of Financial Services (NYDFS).
The market for digital assets is projected to grow further as traditional investors and financial institutions enter the space. This includes asset tokenization, which is seen as a crucial step for enhancing overall liquidity in the markets. Institutions are also noted for their interest in diversifying portfolios with crypto assets, further indicating a strong and growing institutional foothold in the crypto industry.
The Fireblocks platform is estimated to have handled transactions worth over $6 trillion for over 200 million wallets around the world. According to the company, it serves over 30 exchanges and 55 banks in the digital asset space.
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