Coinbase Adds 12 Cryptocurrencies for Futures Trading Collateral

The leading cryptocurrency exchange, Coinbase, has announced the integration of 12 new digital assets, which can now be used as collateral for perpetual futures trading on Coinbase International Exchange & Coinbase Advanced.

In the list of new eligible collateral, users will find new cryptocurrency support, including Aave, APT, ARB, CRV, FIL, ICP, INJ, JASMY, NEAR, OP, UNI, and VET.

Collateral in future trading is the margin (funds or assets) you deposit to open and maintain a leveraged position. It acts as security to cover potential losses, which ensures you can meet your obligations.

If the market moves against you, the exchange may liquidate your position if collateral falls below required levels.

Coinbase Faces Controversy Regarding Data Breach

U.S. crypto giant is facing backlash after a security breach involving a third-party customer support team in India. The incident has raised concerns about the risk of outsourcing sensitive operations.

Adam Cochran of Cinneamhain Ventures slammed the cryptocurrency exchange for relying on contractors rather than in-house staff. The issue came to light after a support worker at TaskUs, the outsourcing firm, allegedly photographed user data in an attempt to sell it.

According to some reports, this was part of a larger scheme, leading to 200 employees being terminated.

Coinbase reportedly discovered the breach in January but only disclosed it in May. The company now faces potential losses of up to $400 million, along with increased regulatory scrutiny.