Coinbase International clocks in $1.96 billion in trading volumes in July

Coinbase's offshore futures exchange clocked in nearly $2 billion in volumes during the month of July, according to The Block's data dashboard. 

The firm, which will report second quarter earnings Thursday, launched its Bermuda-registered futures exchange in May as part of what it described as a "global expansion strategy." The firm launched the exchange with two contracts, bitcoin and ether perpetual futures. Over the course of July, Coinbase International saw $1.963 billion in volumes traded across those two contracts, with activity steadily declining over the course of the month. 

Coinbase's new market represents a small fraction of the wider crypto futures market. In July, bitcoin futures volumes topped $550 billion, according to data from The Block. 

Still, it's early days for the new marketplace and it can take time to build up liquidity and attract clients from competitors. By way of comparison, CME Group clocked in $64.3 million in volumes for its ether futures contract during the first month it traded in 2021, according to data from The Block. Monthly volumes, meanwhile, for Coinbase International's ether contract came in at $770 million in July.