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TL;DR
- Coinbase plans to launch specific XRP and SOL products, thereby giving US investors more options to manage risk and speculate on the prices of these cryptocurrencies.
- Alongside reaffirmed support for XRP and SOL, the exchange added BankrCoin (BNKR) on the Base network and listed Treehouse (TREE) with an Experimental label. The assets experienced major price volatility after the announcements.
Additional Services With XRP and SOL
Coinbase revealed that it will introduce nano SOL and nano XRP perpetual-style futures for US users on August 18. It said that the addition of those products marks another milestone in the company’s mission “to redefine market access” for American investors.
Those futures represent five-year USD-settled contracts that track the spot price of the underlying cryptocurrencies by using a funding rate to debit/credit open positions through a clearing cash adjustment. They enable users to manage risk, trade on margin, or speculate on the valuation of the involved digital assets.
The leading US-based crypto exchange listed Solana’s native token in May 2021, and since then, it has only extended support toward it. This is not the case with XRP, though.
The company embraced the asset in 2019, but at the beginning of 2021, it suspended all trading services with it following the lawsuit between Ripple and the US Securities and Exchange Commission (SEC).
However, in 2023, the company behind the cross-border token took the upper hand in the legal tussle, prompting many exchanges (including Coinbase) to relist XRP.
Embracing More Cryptocurrencies
Besides the further backing for XRP and SOL, Coinbase added support for BankrCoin (BNKR) on the Base network. While trading is scheduled to begin on July 30, the services may be restricted in some jurisdictions.
Such a development increases the liquidity of the involved cryptocurrency, enhances its visibility, and provides it with a reputational boost. That said, it is no wonder that BNKR’s price spiked by over 17% on a daily scale.
Additionally, the company disclosed that Treehouse (TREE) is now live on the Coinbase iOS and Android apps with the Experimental label. This means that clients can buy, sell, convert, send, receive, or store the asset.
Surprisingly, TREE’s remains in the red zone on a daily scale, plummeting by 42% to approximately $0.58 (per CoinGecko’s data).
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Unlock the Secrets of Ethical Hacking!
Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
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