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After almost two years since submitting its application for approval, Coinbase (COIN), a prominent cryptocurrency exchange, has been granted the ability to list cryptocurrency futures within the U.S.

Coinbase Financial Markets has received approval from the National Futures Association (NFA) to function as a Futures Commission Merchant (FCM), as stated in a press release on Wednesday. The responsibilities of FCMs include the buying and selling of futures contracts, resembling the role of a market maker.

The NFA operates as a self-regulatory entity, holding authorization from the federal derivatives regulatory body, the Commodity Futures Trading Commission (CFTC). In September 2021, Coinbase submitted its initial application for NFA membership.

Coinbase's authorization marks a significant milestone as it becomes the inaugural cryptocurrency-focused platform in the United States to introduce regulated and leveraged cryptocurrency futures trading alongside the conventional spot trading, as stated in their official announcement.

"Offering US investors access to secure and regulated crypto futures is key to unlocking growth and enabling broader participation in the crypto economy," Andrew Sears, CEO, Coinbase Financial Markets, said.

In June, Cboe Digital, the cryptocurrency division of Cboe Global Markets, obtained the green light from the CFTC to introduce leveraged futures contracts for both bitcoin and ether.

“I have been vocal about the benefits of bringing appropriate crypto activities into the regulated space in order to protect customers, but in a way that supports oversight, accountability, transparency, and risk management,” CFTC Commissioner Christy Goldsmith Romero said at the time.

COIN shares on the Nasdaq experienced an initial surge of over 4%, starting at $82.49. As of the present moment, they are in the vicinity of $81.60 in trading value, marking an increase of approximately 3%.