Crypto exchange Coinbase Derivatives has filed with the U.S. Commodity Futures Trading Commission (CFTC) to launch two new cryptocurrency futures products: XRP futures and nano XRP futures.

Both contracts will be cash-settled and benchmarked to the MarketVector Coinbase XRP index, according to the filings submitted Thursday. The standard XRP futures contract represents 10,000 XRP, while the nano version covers 500 XRP.

Both contracts are expected to start trading on or after April 21, following the self-certification filings. Coinbase Institutional said in an X post on Thursday it anticipates launching the XRP futures contract on April 21 to offer "a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets."

The move follows major legal milestones for Ripple and XRP. Last month, Ripple CEO Brad Garlinghouse said the U.S. Securities and Exchange Commission (SEC) will drop its appeal in the long-running XRP case. A July 2023 ruling had already found that Ripple's programmatic XRP sales — through exchanges like Coinbase — did not violate securities laws, as they were executed via blind bid processes. However, the court held that direct sales to institutional investors did constitute securities offerings. With the SEC opting not to appeal, the ruling now stands, reinforcing the view that XRP is not a security.

The filings mark Coinbase Derivatives' latest step in expanding its regulated crypto derivatives lineup for institutional and retail clients. The XRP futures add to an existing suite that includes contracts tied to bitcoin, ether, solana, dogecoin and cardano. The exchange also offers non-crypto derivatives, including contracts linked to gold, silver, natural gas and crude oil.

Coinbase Derivatives Exchange was launched in 2022 following Coinbase's acquisition of CFTC-regulated futures exchange FairX. With its upcoming XRP offerings, the platform aims to provide traders with more tools to hedge or gain exposure to XRP price movements.

XRP is currently trading around $2, up about 2% over the past 24 hours, according to The Block’s XRP price page.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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