Coinbase Rolls Out First Crypto Derivative Amid Slump in Tokens

Coinbase Global Inc. will launch its first crypto derivative product on Monday in the midst of the current crypto winter.

Each nano Bitcoin futures contracts (BIT) will represent 1/100th of the token, the biggest US cryptocurrency exchange said in a statement Thursday. The contracts will be accessible for trading only via multiple third-party retail brokers and clearing firms including ABN AMRO and Wedbush.

Coinbase is tapping into the derivatives space after announcing earlier this month it will lay off 18% of its workforce amid worsening market conditions. Futures and options -- which let investors hedge their bets by agreeing to ...