The CFTC registered Coinbase Clearing LLC as a derivatives clearing organization, completing Coinbase’s set of three federal registrations to run a futures business end to end: exchange (Coinbase Derivatives), futures broker (Coinbase Financial Markets) and clearinghouse (Coinbase Clearing). The platform claims to be the first USDC-native clearinghouse, accepting the stablecoin as collateral and settling 24 hours a day, seven days a week, unlike traditional clearinghouses that operate on a banking calendar. This approval enables faster product development and fewer dependencies, in a context where Payward, parent company of rival exchange Kraken, paid 550 million dollars to acquire Bitnomial and obtain the same combination of exchange and clearinghouse registrations. Fully collateralized contracts will continue to clear through existing partners.
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