Coinbase, the San Francisco-based crypto exchange, has announced the launch of its offshore crypto derivatives exchange in Bermuda. The move comes as the company looks to expand its offerings and reach a global audience.
Indeed, the rumor had been swirling for several weeks in the crypto-sphere. Sources reported in March that Coinbase was thinking of setting up a crypto-trading platform abroad as the regulatory environment in the United States is now becoming more and more burdensome. It’s done.
Coinbase International Exchange!
Coinbase International Exchange will allow institutional users based in eligible regions outside the United States to trade perpetual futures,” Coinbase wrote in a blog post.
The U.S. firm, in the midst of a legal battle with regulator SEC, finally announced on Tuesday that it will open a crypto derivatives exchange in Bermuda, a jurisdiction in which the digital asset pioneer recently secured a license.
According to the San Francisco-based company, perpetual futures accounted for nearly three-quarters of the trading volume in the crypto market last year. For Coinbase, these financial instruments help create “highly liquid markets” and offer investors “more versatility” in their trading strategies.
“Executing the next chapter of the company’s Go Deep, Go Broad global expansion strategy, Coinbase International Exchange brings the safest and most trusted name in crypto to the global derivatives market,” the exchange added.