Superlative U.South. crypto exchange Coinbase has submitted an awarding to get a registered Futures Commission Merchant (FCM) with the National Futures Association (NFA).

Details are sparse, but according to the NFA website, the awaiting application was submitted on Wednesday under the name "Coinbase Global Inc."

Coinbase highlighted the move via Twitter on Thursday and stated that "this is the next step to broaden our offerings and offer futures and derivatives trading on our platforms. Goal: Further abound the crypto economy."

If Coinbase becomes an approved FCM member under the NFA, the firm volition and then demand to register with the U.Due south. derivatives regulator, the Commodity Futures Trading Committee, to go the greenish low-cal.

Related: President Biden announces picks to fill CFTC vacancies

The crypto derivatives markets dwarf the size of spot markets, and despite an abundance of regulatory FUD derivatives accept exploded in popularity in 2022. According to data from CoinGecko, the market place candy more than $143 billion over the past 24 hours. Binance, FTX and Bybit currently atomic number 82 the pack in terms of 24-hour open interest, with $10.1 billion, $6.8 billion and $3.8 billion, respectively.

Coinbase volition be hoping its move to futures and derivatives goes a lot smoother than its plans to offer a USD coin (USDC) lending production after the Securities and Commutation Commission (SEC) threatened to sue the company if it went through with the launch.

According to a Wed study from The Economic Times, Coinbase likewise sold $2 billion worth of junk bonds this calendar week in an offering that saw $7 billion worth of orders placed for seven and 10-year bonds.