Coinbase announces upcoming launch of DOGE futures, claiming it has surpassed its meme origins

Coinbase, the popular cryptocurrency exchange, is planning to launch futures trading products for Dogecoin (DOGE), as it believes the coin’s enduring popularity has made it a staple in the industry. In letters to the United States Commodity Futures Trading Commission (CFTC), Coinbase Derivatives announced its intention to launch cash-settled futures contract products for Dogecoin, Litecoin (LTC), and Bitcoin Cash (BCH) by April 1. The exchange plans to invoke the “self-certification” method to list the futures contracts, provided they comply with regulatory guidelines. Coinbase justified its decision to list Dogecoin by stating that the coin had surpassed its meme origins and become a foundational element of the crypto industry. The price of DOGE has increased by 17% and is currently trading at $0.15. While some market commentators were puzzled by the move, analysts suggest that listing futures contracts could be a strategic move by Coinbase to influence the Securities and Exchange Commission’s classification of crypto assets. The acquisition of the CFTC-regulated FairX derivatives exchange in 2022 enabled Coinbase to offer crypto derivatives trading to its customers in the US.