Crypto exchange Coinbase has just launched a new feature that allows institutional and retail traders to place bets on cryptocurrencies that have not yet officially launched.
The feature, called pre-launch markets, is available to select users through Coinbase's international division and allows them to trade perpetual futures contracts for upcoming tokens that are not yet listed on other exchanges.
Coinbase has explained users can participate in price discovery for upcoming projects through these pre-launch markets, which are accessible through Coinbase International Exchange for institutional users and Coinbase Advanced for eligible retail traders.
Once the underlying token is officially launched, the pre-launch futures contract will become a standard perpetual contract.