Coinbase Launches International Exchange for Bitcoin and Ether Perpetual Futures – Bitcoin News
Coinbase, the San Francisco-based cryptocurrency exchange, recently announced the launch of a new service called Coinbase International Exchange. The new platform will enable institutional users outside the US to trade bitcoin and perpetual Ethereum futures contracts. The company stated in a tweet that the service will begin offering perpetual futures contracts settled in USDC with up to 5x leverage to institutional clients in eligible jurisdictions.
Coinbase Unveils Perpetual Bitcoin and Ethereum Futures Settlement in USDC with Up to 5x Leverage
the launch from Coinbase International Exchange after the company agreed to operate digital currency operations in Bermuda, which was Granted by the Bermuda Monetary Authority (BMA).
in blog postCoinbase noted, “Building a permanent global futures exchange for digital assets will help support the modernization of the financial system by making trusted Coinbase products and services more accessible to users of digital assets who live outside (the US).”
Coinbase added:
As more and more markets move forward with regulatory frameworks to become crypto hubs, we believe the time is right to launch this international exchange.
The company insists that Coinbase International Exchange provides a “filtering framework that meets strict compliance standards” and will include 24/7 real-time trading and liquidity provided by third-party market makers.
The announcement comes after Coinbase received a notice from Wells from the US Securities and Exchange Commission (SEC) regarding possible violations. Following the notice, Coinbase sued the SEC for a lack of regulatory clarity and also shared its response to Wells with the public shortly after.
Coinbase notes that while other jurisdictions are moving forward with crypto regulatory frameworks, they would like to see the United States take a similar approach rather than regulation through enforcement, which has led to a disappointing trend in crypto development in the country.
What impact do you think the launch of Coinbase International Exchange will have on institutional adoption of cryptocurrencies outside the US? Share your thoughts on this topic in the comments section below.
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