Coinbase Launches DoubleZero Contracts Following SEC Approval

Coinbase Launches DoubleZero Contracts Following SEC Approval

Key Points:

  • Main event, leadership changes, market impact, financial shifts, or expert insights.
  • Coinbase lists 2Z after SEC approval.
  • Triggered market volatility upon launch.

Coinbase has announced the listing of DoubleZero (2Z) perpetual contracts on its exchange platform. The listing, effective from October 2, follows confirmation from the US SEC that 2Z is not a security, easing regulatory uncertainty.

“Coinbase will list DoubleZero (2Z) perpetual contracts (2Z-PERP) on Coinbase International and Coinbase Advanced, available upon sufficient liquidity from October 2, 18:00 UTC.” — Coinbase Markets, Official Account

The DoubleZero project has been touted for its high-performance network capabilities and has attracted substantial interest from institutional investors, raising $28 million. The SEC’s no-action letter allowed the swift listing on Coinbase, impacting the market dynamics.

The introduction of 2Z perpetual contracts led to significant price volatility, with prices dropping 40–65% shortly after launch. This was attributed to the unexpected increase in circulating supply, raising concerns within investor communities.

The financial implications include potential shifts in trading volumes and investor sentiment, particularly as the crypto sector looks for regulatory clarity. Coinbase’s action might expedite similar listings for other infrastructure-related tokens.

DoubleZero’s listing has historical significance, as it’s one of the first DePIN tokens to gain such regulatory approval. This event could pave the way for similar future listings, influencing market perceptions towards regulated DePIN projects.

Consistent with the move, other DePIN tokens may follow suit, seeking regulatory clarity to enter major exchanges. The market awaits corresponding regulatory developments to assess potential impacts on the cryptocurrency ecosystem.

Disclaimer:

The content on nftenex.com is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions.