30s Summary

Coinbase Advanced, a platform for experienced cryptocurrency traders, witnessed massive growth in 2024 with a 77% increase in users and trading volumes shooting up 191%. Much of this growth was triggered by a huge surge in derivatives trading, increasing around 10,950% in the year. Coinbase Advanced provides cheaper trading costs, multiple order options, and useful analytics tools for a fixed monthly fee. The platform incorporated user-friendly crypto futures in 2022, contributing to the boom in crypto derivatives in 2024. The platform also saw an increased spot crypto trading activity, buoyed by the election of crypto-friendly President-elect Donald Trump and the addition of new tokens.

Full Article

In 2024, Coinbase Advanced, a platform for pro crypto traders, blew up with loads of new users and skyrocketed trading volumes, says a report from Investing.com.

Users on the platform boomed by 77% and trading volumes shot up by 191%. A major reason for this was a massive increase in derivatives trading.

Just to clarify, Coinbase Advanced is a platform that caters to seasoned crypto traders. Users pay a fixed monthly fee and in return, they get cheaper trading costs, a variety of order options, and useful analytics tools.

Wondering about the derivatives volumes? They rocketed around 10,950% in 2024. In 2022, Coinbase introduced its derivatives platform in the US with crypto futures that were user-friendly, including smaller types like nano Bitcoin and nano Ether. Of course, popular ones like Dogecoin and Shiba Inu were in the mix too. The market for crypto derivatives has absolutely exploded in 2024 with the monthly trading volume more than doubling compared to last year – hitting over $3 trillion in September.

It’s worth noting that futures contracts let users agree on buying or selling an asset at a future date. These are useful for balancing out risks and are big with traders as they can make bigger bets with them.

Spot crypto trading activity on Coinbase Advanced also increased by 47%, spurred by a positive vibe from President-elect Donald Trump’s win in US election and new token listings. Coinbase is hoping to expand its offerings under a more crypto-friendly Trump administration. In December, they added new memecoins like Moodeng (MOODENG), Mog (MOG), and Dogwifhat (WIF) to the platform.

FYI, Coinbase shares had a great run in November, with the stock hitting over $300 – first time since 2021. As of December 18, the stock has slipped a bit and is hovering around $280.