The largest U.S.-based crypto exchange acquired a U.S.-regulated derivatives exchange called FairX in February for $330 million, according to research firm PitchBook. This past week, it relaunched it with a focus on cryptocurrencies. Its first product is a "nano bitcoin" futures contract that will be offered through brokers while Coinbase awaits regulatory approval to offer them directly. Derivatives are financial instruments that are based on and allow traders to bet on the price of an underlying asset, like bitcoin. Coinbase could use a new source of revenue. Its trading volume, which is all spot trading, was likely down by about 30% in the second quarter from the first, Oppenheimer analyst Owen Lau estimated. And its highly publicized launch of an NFT exchange hasn't driven much activity. Coinbase's first few quarters as a public company were wildly profitable, but since the crypto selloff began in November, the company has struggled.