Cryptocurrency exchange Coinbase has announced the launch of a new futures product that will provide access to top tech stocks and cryptocurrencies.
New Coinbase Futures Product
Coinbase announced the launch of the "Mag7 + Crypto Equity Index Futures," set to debut on September 22. This product will track shares of well-known tech companies including Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla, as well as Bitcoin and Ether through BlackRock's ETFs and Coinbase's own stock. "Historically, there has been no U.S.-listed derivative that provides access to both equities and cryptocurrencies within a futures product."
Access for Traders
Each component of the index will be evenly weighted at 10%. Institutional clients of Coinbase will be the first to access the product. Details on retail trader access will be announced shortly, with plans to make the product available to retail users in the coming months.
Future Plans of Coinbase
Coinbase CEO Brian Armstrong mentioned plans to launch more products as part of the "everything app" concept. In July, the company unveiled its intention to become a crypto 'everything app,' rebranding its crypto wallet to 'Base app,' aimed at combining wallet functionality, trading, payments, and social media.
The launch of Coinbase's new futures product may mark a significant step in integrating traditional financial instruments with the cryptocurrency market, providing traders with unique opportunities for investment diversification.
