Coinbase’s Advanced Trading Activity Raised in 2024
Coinbase Advanced, the cryptocurrency exchange's platform for professional traders, has seen an increase in users and trading volume by 2024, Coinbase told Cointelegraph.
The platform posted a 191% increase in transaction volume — particularly strong growth in derivatives trading — and a 77% increase in users, Coinbase said.
The figures were first reported by Investing.com.
Targeting experienced traders, Coinbase Advanced charges users a monthly fee in exchange for lower trading costs, a wider range of order types and analytical tools.
Coinbase advanced products. Source: Coinbase
Related: Coinbase stock breaks $300 for first time since 2021
Growing volumes of derivatives
Derivatives experienced particularly rapid growth, with rates rising to 10,950 percent by 2024, Coinbase said.
In the year In 2022, Coinbase launched a derivatives platform in the United States, bringing cryptocurrency futures — including retail-friendly Nano Bitcoin and Nano Ether contracts — to the exchange's tens of millions of American users.
Coinbase lists more than half a dozen futures contracts, including contracts linked to memecoins — such as Dogecoin (DOGE) and Shiba Inu (SHIB) — and commodities like oil and gold.
In 2024, the total market of cryptocurrency derivatives increased. According to CCData, the monthly trading volume of crypto derivatives has more than doubled over the year, surpassing $3 trillion on September 3.
Futures contracts are agreements to buy or sell an underlying asset at a future date. They play an important role in hedging and are popular for speculation because they allow traders to double up on directional bets.
Coinbase Global stock price. Source: Google Finance
New token details
Meanwhile, spot crypto trading activity on Coinbase Advanced is reported to have surged by 47%, driven by bullish sentiment following President-elect Donald Trump's US election victory and new token listings.
Under Trump, Coinbase “expects to do more with this. […] Some signs we could not provide [previously],” Tom Duff Gordon, Coinbase’s vice president of global policy, told Bloomberg in November.
“We're talking more about some smaller tokens, some memecoin tokens,” Gordon said.
In December, Coinbase listed memecoins Moodeng (MOODENG), Mog (MOG), and Dogwifhat (WIF), among others.
Shares of cryptocurrency exchange Coinbase surged in November, pushing the stock above $300 for the first time since 2021.
The stock has rebounded modestly to around $280 since Dec. 18, according to data from Google Finance.
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