Coinbase International Exchange Launches Non-U.S. Spot Market
Coinbase, one of the most popular US-based cryptocurrency exchanges, has announced a significant expansion of its service offerings. It is also important to note that this expansion targets institutional investors outside the United States. Because they now have access to spot cryptocurrency trading services on Coinbase International Exchange. Initially launched on December 14, 2023, the service will allow users to exchange Bitcoin (BTC) and Ethereum (ETH) to USD Coin (USDC).
As a strategic response to the ever-changing and unclear regulatory environment in the United States, Coinbase decided to create a spot market outside the United States. Many asset issuers and members of the cryptocurrency community have been reluctant to interact with US exchanges due to this uncertainty. The new service is intended to meet the specific needs and expectations of Coinbase’s global user base by providing a spot market that is trustworthy and does not violate any U.S. regulations.
Coinbase International Exchange’s introduction and further growth of spot trading will involve several steps. Initially, this service will only be accessible to institutional customers outside the United States via API access. Coinbase plans to carefully build a solid foundation and gradually increase liquidity before starting to grow its business. The platform is set to expand in the coming months to include features that allow retail customers, other assets, new trading technologies and increase capital efficiency. These improvements are made possible through product extensions.
The fact that Coinbase was able to obtain operating registrations in Spain and Singapore earlier this year is evidence of the company’s commitment to expanding globally. A total of $10 billion worth of perpetual futures volume was exchanged in the most recent quarter, indicating that this business is already showing significant growth for the international derivatives exchange operating out of Bermuda. Meanwhile, the company is currently embroiled in a legal dispute with the Securities and Exchange Commission (SEC) over allegations that it is operating as an unregistered exchange and broker-dealer for certain cryptocurrency assets.
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