Coinbase focuses on crypto derivatives thanks to former Goldman Sachs person
Coinbase focuses on crypto derivatives thanks to former Goldman Sachs person
Crypto

Coinbase focuses on crypto derivatives thanks to former Goldman Sachs person

By Amelia Tomasicchio - 6 Oct 2022

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US exchange Coinbase has announced that it has hired Usman Naeem, formerly from Goldman Sachs, to handle crypto derivatives sales. 

His role would be Head of Global Derivative Sales and Agency Trading in the London office. Naeem will work alongside Brett Tejpaul, Head of Institutional Coverage, and Coinbase’s Vice President of Institutional Products, Greg Tusar.

Naeem has worked as many as eight years at the US investment bank. In a post on LinkedIn, he wrote:

“I want to thank all my colleagues at Goldman Sachs; it has been a privilege to work alongside such talented and driven individuals from whom I have learnt so much.”

Coinbase and crypto derivatives

Coinbase currently ranks second after Binance in spot volumes, but without a major presence in the derivatives market. Coinbase had already entered the crypto derivatives sector in early 2022 through the acquisition of the FairX platform, which is regulated by the Commodity Futures Trading Commission (CFTC).

However, in the derivatives market, Coinbase will face tough competition from Binance, FTX, OKX, Kucoin, Huobi, and all the other platforms in the top 10-according to CoinMarketCap data-for this type of product.

The latest news on Coinbase

In late September, the exchange had decided to revise its fees in order to factor in better the changes in cryptocurrency trading volumes globally, and the prices of cryptocurrencies facing the so-called Crypto Winter period. 

In particular, Coinbase has decided to reduce the monthly trading volume required to qualify as a trader for the middle and upper tiers for hourly fees. 

Changes are in fact being made not for transaction levels below $100,000, which remain unchanged, but for those above to incentivize traders with higher volumes.

A few days ago, Coinbase had then experienced problems related to withdrawals and deposits. Even though they were resolved in a relatively short time, the bug had been caused by a technical glitch related only to interactions with US banks, i.e., regarding withdrawals and deposits in US dollars and not other fiat currencies.

Coinbase together with PayPal

By the end of August, payments giant PayPal had joined Coinbase’s Trust network, a project launched last February to protect users’ privacy and security.

The crypto documentary on Amazon Prime

A few days ago, Coinbase CEO Brian Armstrong then announced that he had been working for three years on a documentary called COIN about the company and crypto. 

This documentary will be released on Amazon Prime/iTunes/YouTube tomorrow, 7 October 2022. It is being directed by Emmy Award winner Greg Kohs.

Trailer here:

Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and she is writing a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector.

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