The
largest cryptocurrency exchange in the United States announced today
the launch of the Coinbase International Exchange, expanding access to
digital assets for institutional clients. The new venture follows
regulatory approval from the Bermuda Monetary Authority (BMA), and the
new exchange will initially offer Bitcoin and Ethereum perpetual
futures.
“The
Coinbase International Exchange is another step on our plans to scale
globally—going broad and deep, lighting up the map—first announced in
May of 2022,” Emmanuel Goh, Head of Coinbase International Exchange,
told Decrypt in an email.
Unlike
traditional futures, where buyers and sellers are obligated to execute
the deal on a set date regardless of market conditions, perpetual
futures don’t have an expiration period, meaning that traders can hold
their positions indefinitely.
Our international expansion drive will focus on high-bar regulatory jurisdictions,” a Coinbase spokesperson told Decrypt in March. “We remain focused on offering our products in a safe, compliant way, with sound risk management at the core.
Coinbase
said it is committed to the U.S., but observed that countries worldwide
are increasingly moving forward with responsible, crypto-forward
regulatory frameworks as they attempt to position themselves as crypto
hubs.
We
would like to see the U.S. take a similar approach instead of
regulation by enforcement, which has led to a disappointing trend for
crypto development in the U.S.,” Coinbase said. “The Coinbase
International Exchange is an expansion, bringing the safest, most
trusted name in crypto to the global market
Coinbase
said trades on the Coinbase International Exchange will be settled in
USD Coin (USDC), and that the new exchange will have several security
features, including real-time 24/7 risk management, dynamic margin
requirements, and rigorous compliance standards.
Institutional
clients in eligible non-US jurisdictions can also access the platform
directly through an API, Coinbase said, although retail customers will
not initially have access.