Coinbase has launched crypto derivatives trading in Canada, giving qualified users access to perpetual and dated futures linked to Bitcoin (BTC), Ether (ETH), Solana (SOL) and other assets.
Products are offered through Coinbase Financial Markets, a futures commission merchant registered with the US Commodity Futures Trading Commission, operating in Canada under the Foreign Dealer and Futures Commission Merchant Exemption.
Coinbase said Wednesday that the offering includes 23 crypto perpetual and dated futures, five commodity futures and the Coinbase 50 index. The company says it is the first major crypto-native platform to offer native crypto futures directly in Canada.
Access is limited to eligible Canadian customers with at least $5 million in net financial assets or registered investment advisors and dealers. The contracts use nano-sized positions and offer up to 10x leverage.
Related: BlackRock has launched 2 Canada ETFs, one of which allocates 3% to Bitcoin
US trading platforms expand into Canada
The Coinbase launch comes as US trading platforms expand their crypto offerings to Canada
On Monday, US online brokerage Webull expanded crypto trading to Canadian customers using Coinbase’s infrastructure for trading and custody, adding digital assets to its existing stocks, ETFs and options offerings.
Weibull cited growing adoption as a reason for the move, with crypto ownership in Canada growing from 10% in 2023 to 25% this year, according to research by the Ontario Securities Commission.
Robinhood entered the Canadian market in June with a $180 million acquisition of local crypto company WonderFi, gaining control of Canadian exchanges Bitbuy and Coinsquare. The deal brings WonderFi’s Canadian license and regulatory approval under Robinhood to nearly 300,000 funded customers.
Robinhood entered Canada after completing its acquisition of Wonderfy. Source: Vlad Tenev
The arrival of the trading platform comes as Canada tightens its oversight of other parts of the crypto market. In April, Ottawa proposed banning crypto ATMs over scams and money laundering concerns, while lawmakers introduced legislation that would ban cryptocurrency donations to political parties and candidates.
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