Coinbase Institutional Files for XRP Futures with CFTC
On Friday, Coinbase Institutional, a prominent player in the U.S. cryptocurrency market, announced that it has submitted a filing to the Commodity Futures Trading Commission (CFTC) for the launch of futures contracts linked to Ripple’s well-known XRP token. In a post on X, the company expressed its enthusiasm, stating, “We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify $XRP futures – bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets.” They indicated that they expect the contract to go live on April 21, 2025.
According to the details provided in the filing, these XRP futures will function as a monthly, cash-settled, margined contract, trading under the ticker symbol XRL. Each contract is designed to mirror the price of XRP, settling in U.S. dollars and representing 10,000 XRP—approximately $20,000 based on the current valuation of $2 per token. Traders will benefit from flexibility, as contracts will be available for the current month plus the next two months. However, to ensure market stability, a safeguard mechanism will halt trading if XRP’s spot price fluctuates by more than 10% within a single hour.
Once launched, this product will become the second regulated XRP futures offering, following the launch of Chicago-based Bitnomial’s CFTC-regulated XRP futures in March. As of now, XRP prices have seen a decline of 2% in the past 24 hours, reflecting a broader downturn across the cryptocurrency market.
