Coinbase Institutional files application with US CFTC to trade XRP futures

Coinbase, a US cryptocurrency exchange, has submitted an application to the Commodity Futures Trading Commission (CFTC) to launch XRP futures contracts.
On the 3rd (local time), Cointelegraph reported that Coinbase Institutional had applied to the CFTC to list futures contracts for the XRP token.
However, the fundraising ratio remains negative, and bearish sentiment continues. Coinbase Institutional announced on the same day that "Coinbase Derivatives Exchange to CF
"We have submitted an application to the TC to self-certify XRP futures," it said, "which will create a regulated, capital-efficient exchange that provides exposure to one of the most liquid digital assets."
Coinbase added that its XRP futures contracts are scheduled to begin trading on April 21.
According to the filing, the XRP futures contracts are monthly cash-settled and margin contracts.
It will trade under the symbol XRL. The contract tracks the price of XRP and is settled in USD. Each contract consists of 10,000 XRP units, which is roughly $20,000 at the current XRP price of $2.
The contracts can be traded for the current month and up to two months into the future, with a safeguard that suspends trading if the spot XRP price moves by more than 10% in an hour.
Coinbase clarified that "the exchange has been in discussions with futures contract merchants (FCMs) and market participants, who support the launch of the XRP contract."