Top-tier crypto exchange Coinbase has reportedly completed their submission of a filing for the status of a registered Futures Commission Merchant (FCM) with the National Futures Association (NFA).

Specifically, as revealed sparsely via the NFA website, the entity reportedly received the submission from Coinbase on September 15th, under the name “Coinbase Global Inc.”

Coinbase reportedly emphasized the initiative via Twitter on September 16th and claimed that “this is the next step to broaden our offerings and offer futures and derivatives trading on our platforms. Goal: Further grow the crypto economy.”

Should Coinbase successfully secure the status of an authorized FCM member under the NFA, the company will reportedly have to complete the registration with U.S. derivatives regulator the Commodity Futures Trading Commission to acquire the approval. 

The crypto derivatives markets reportedly cause the spot markets to seem small, regardless of the variety of regulatory FUD derivatives that have thrived popularity-wise this year. 

Per insights generated by CoinGecko, the market finalized the process for over $143 billion throughout the last 24 hours. Binance, FTX and Bybit are in the top spot in the race at the moment, regarding 24-hour open interest, with $10.1 billion, $6.8 billion and $3.8 billion respectively.

Coinbase has expectations that its voyage into futures and derivatives will hit fewer obstacles compared to its plans to provide a USD coin (USDC) lending product, after the Securities and Exchange Commission (SEC) threatened to bring the company to court if it sees the deal to the end. 

Coinbase further carried out the selling of $2 billion equivalent of junk-bonds via an offering that saw $7 billion worth of orders placed for seven and 10-year bonds.