Coinbase includes metal futures markets in its commodities suite - Coinfea

Coinbase has announced the addition of copper and platinum futures trading on its application. The development came after its CEO, Brian Armstrong, said the exchange has plans to make Coinbase a platform where everything can be exchanged.

According to the post shared on the official Coinbase handle on X, users on the exchange will be able to trade copper and platinum futures from January 26, making them the latest addition to its commodities futures suite, which already offers gold, silver, and oil. The futures contract for both metals will be facilitated by Coinbase Derivatives and available to both retail traders and institutional whales via approved FCM partners listed on the derivatives site.

Coinbase debuts copper and platinum futures trading

The move aligns with Coinbase’s broader push to become an “everything exchange.” The company has been working overtime to achieve this, making major investments in product quality and automation to support the expansion. In addition, the plan also positions Coinbase as a rival of traditional brokerages even as it expands beyond its core digital asset business.

Additionally, Coinbase is planning to expand into tokenized securities and event-based markets that have attracted billions in recent trading volume. However, it is important to note that Coinbase is not the only exchange doing something like this. Bitget and Binance recently made similar announcements, dipping their toes into traditional commodity derivatives.

Last December, Bitget deployed a private beta for “Bitget TradFi,” which saw it offer CFD-style trading of precious metals like gold or silver, commodities, forex, indices, and stocks, all to be settled in USDT directly via the exchange. The initiative became fully public this year with 79 instruments available. This week, Binance launched regulated USDT-settled perpetual futures for gold and silver under what it tagged a new TradFi category.

In the future, there are plans to expand to other traditional assets, including crude oil and equity indices. News of the new additions to Coinbase exchange’s commodities stack comes just as Bank of America (BofA) upgraded its Coinbase (COIN) to a “buy” rating, citing the exchange’s ambition, which has gone beyond crypto trading and its increasingly diversified business model.