Coinbase (NASDAQ:COIN) stock is on the rise Wednesday after the crypto exchange company got permission to sell crypto futures.
With this approval, Coinbase is now able to operate as a Futures Commission Merchant (FCM). This lets it sell crypto futures through its platforms to eligible customers in the U.S. This comes after it filed for approval back in September 2021.
Coinbase provided the following statement about the approval in a blog post:
“We believe this is a watershed moment to be able to bring regulated crypto products to US customers. Where regulations are clear and sensible, we will work with regulators to receive the authorizations needed to offer products that align with our purpose of using crypto to update the financial system to advance economic freedom and opportunity. We support this purpose by building the most trusted and secure products and services.”
What This Means for COIN Stock
With this move, Coinbase is further cementing itself as one of the leading crypto exchanges in the U.S. It notes that the global crypto derivatives market represents about 75% of crypto trading volume around the world. With this approval, COIN stock should see gains as it taps into this market.
COIN stock is up 4.7% on Wednesday alongside the FCM approval. The stock is also up 135.7% since the start of the year.
Investors seeking out even more of the most recent market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market stories worth reading about on Wednesday! Among those is what’s moving shares of Impel Pharmaceuticals (NASDAQ:IMPL), Sacks Parente Golf (NASDAQ:SPGC), and Ebet (NASDAQ:EBET) stock today. All of that news is readily available at the links below!
More Wednesday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
