Coinbase is one of the key players in the cryptocurrency space in the US. The exchange and its CEO, Brian Armstrong, have been quite vocal about the lack of regulatory clarity for cryptocurrencies in the US.
The exchange has now decided to go international. This is considered a step towards implementing the chapter of the exchange’s Go Deep, Go Broad global expansion strategy. According to the details, Coinbase has now launched an international crypto exchange.
The exchange said that it decided to become a public company in the US because it believed the country could embrace fundamental innovation. However, the firm has now decided to also focus on international markets, where many nations are trying to establish themselves as crypto hubs.
“Coinbase is dedicated to partnering with high-bar regulators across US and non-US jurisdictions to help update the financial system by developing additional solutions and products, leveraging our high standards of customer protection and robust risk management frameworks. With the recent approval of our regulatory license from the Bermuda Monetary Authority (BMA), today we are excited to announce the launch of Coinbase International Exchange,” Coinabse further stated.
According to Coinbase, Coinbase International Exchange will enable institutional users based in eligible jurisdictions outside of the US, to trade perpetual futures.
The exchange noted, “Perpetual futures accounted for nearly 75% of global crypto trading volume in 2022, creating highly-liquid markets and offering traders additional versatility in their trading strategies.”
“Building out a global perpetual futures exchange for digital assets will help support an updating of the financial system by making Coinbase’s trusted products and services more accessible to users of digital assets who live outside of the US,” the exchange added.
Coinbase International Exchange will have a high standard of customer protection alongside a robust risk management framework. The exchange listed BTC and ETH perpetual futures contracts yesterday, with all trades settled in USDC. The contracts will also initially offer 5x leverage.