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- Coinbase is reportedly looking to set up a trading platform outside the United States.
- The American has discussed the venture with its institutional clients and market makers.
- The report of the new trading platform comes amid a crackdown on crypto entities and a lack of regulatory clarity in the U.S.
Coinbase is reportedly exploring foreign venues to set up a trading platform. The American crypto giant has contacted its institutional clients to inform them of the same. The report of the overseas venture comes amid rising scrutiny of crypto entities in the United States.
Coinbase would offer derivatives at the overseas crypto platform
According to a report by Bloomberg, the American crypto exchange has been in talks with investment funds and market makers about setting up a trading platform overseas for its global clients. People familiar with the matter revealed that a venue has not been decided yet, but Coinbase is in contact with market makers regarding their services for the new venture.
Per a report by The Block, the new overseas trading platform will offer perpetual swaps tied to cryptocurrencies. The derivatives market for crypto is currently dominated by rival crypto exchange Binance, which has a considerable presence on the global scale.
As shared on our blog, we are accelerating our ‘Go Broad, Go Deep’ international strategy across six continents to better serve our global user base. Our international expansion drive will focus on high-bar regulatory jurisdictions.”
Coinbase spokesperson
The report of Coinbase’s new offshore crypto venture comes in the light of rising scrutiny of crypto businesses operating in the United States. The crackdown paired with the lack of regulatory clarity has made the country less favorable for crypto entities and TradFi players that cater to them. The seizure of Silicon Valley Bank earlier this week caused major problems for USD Coin, a stablecoin issued by Circle in association with Coinbase through the Centre Consortium.
News of the overseas trading platform had a positive impact on Coinbase’s ($COIN) share price. The stock has gained over 7% since the news came out earlier today. At the time of writing, COIN was trading at $76.04.
Source : Ethereum World News
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