Coinbase Approved For Futures Trading ☑️

GM. This is Degen Scoop. It’s Thursday, here’s the scoop:

• Coinbase Approved For Futures Trading ☑️

• Valkyrie Files For ETH Futures ETF 🗄️

• Ledger Adds PayPal as Onramp 🛝

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Coinbase to Begin Offering Trading of Futures After NFA Approval

Two years ago, Coinbase filed their application to begin trading of futures (Bitcoin and Ethereum) and the approval is finally here. As of yesterday, U.S. retail users will now be able to trade futures on Coinbase which was previously unable to offer this service. Prior to this approval, futures were only available to institutional clients.

As of now, this was an untapped market for Coinbase in the United States which opens a potentially large new revenue stream with sufficient interest. Knowing that derivatives trading comprises ~80% of the crypto market, there is plenty of room for growth in this sector for the company. Even July saw some $1.8T of crypto derivatives trading despite the market woes.

SEC Receives ETH Futures Application From Valkyrie

There has been a lot of talk surrounding Bitcoin ETFs ever since BlackRock filed, but not nearly as much press has been given to ETH futures ETFs. Needless to say, both will receive significant inflows in due time. If there are fees to be made, the asset managers will be there to offer these products to willing customers aiming for exposure and alpha.

While we haven’t yet seen an ETH futures ETF here in the United States, we can’t imagine it’ll be far behind a Bitcoin spot ETF. Whether this SEC under Gary Gensler rejects it, it’ll be approved eventually under a different administration this more crypto-friendly. We’ll have an answer in the coming months.

Ledger To Begin Using PayPal As Crypto Onramp Service

PayPal has been a popular name lately ever since they released their stablecoin on Ethereum mainnet. Today we have more in news in that Ledger, cold wallet behemoth, is adding PayPal as an onramp service for those looking to purchase Bitcoin and Ethereum. Users will need to KYC if they use this service; but we love services that allow users to go directly on-chain.

Ledger will keep the other onramp like MoonPay around as versatility is nice, but the addition of a heavy hitter like PayPal adds legitimacy. With this collaboration, some unannounced features between the two companies have been teased. We remain ultra-bulls on an on-chain future.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.