XRP News: Coinbase Derivatives Files XRP Market Maker Program With CFTC To Boost Liquidity

In major XRP news, Coinbase Derivatives has filed its market maker program for XRP, along with other cryptos, with the Commodity Futures Trading Commission (CFTC). This program will take effect on May 1, as the derivatives platform seeks to boost liquidity in its order books.

XRP News Today: Coinbase Derivatives Files New Market Maker Program

A CFTC filing shows that the crypto exchange has submitted its crypto market maker program to the Commission. Coinbase Derivatives revealed that the program will take effect from May 1, with XRP and other crypto derivative products listed on the platform, and will end on November 30.

The crypto leverage trading platform noted that the purpose of this market maker program is to support XRP’s development and other of the Exchange’s crypto products by increasing liquidity in the Exchange’s central limit order book. This marks a positive, especially as institutional investors seek to gain access to these crypto products.

As CoinGape reported last month, Prime Prime added support for BTC, ETH, XRP, and Solana derivatives on Coinbase. Meanwhile, Coinbase Derivatives noted that eligible participants for this crypto market maker program will include those who agree to make two-sided markets, according to the program’s quoting requirements.

It is worth noting that Coinbase Derivatives’ filing for the XRP market maker program comes amid several bullish developments for the altcoin. This includes Ripple partnering with Kyobo Life Insurance for real-time tokenized government bond settlement on the XRP Ledger (XRPL), which could boost the token’s utility.

Price Up Over 4% Today Amid These Developments

The XRP price is up over 4% today amid these positive developments for the Ripple-linked token. The token is currently trading at above $1.48, up from an intraday low of around $1.42, according to TradingView data.

The token is also up amid another major XRP news that it is now live on the Solana network. CoinGape reported earlier this week that Solana teased the XRP launch, signaling that a wrapped version of the token would soon go live.

Commenting on the launch, Ripple’s developer arm noted that growing demand for XRP is driving liquidity cross-chain, thereby opening new paths across ecosystems and expanding the overall market. The launch of Wrapped XRP (WXRP) on Solana resulted from a partnership between Hex Trust and LayerZero to bring this token to several networks.