- Coinbase International has launched cryptocurrency trading for institutional clients outside the US.
- The move aims to provide derivatives traders with a convenient trading platform.
Coinbase Global Inc., a leading US-based cryptocurrency exchange, has announced plans to launch international cryptocurrency trading for institutional investors through its subsidiary International Exchange.
The announcement was made in a blog post in which Coinbase lays out its vision for the future and emphasizes its commitment to trust, security and ease of use.
Coinbase introduces spot trading to enhance the trading experience
Since its launch in May, Coinbase International Exchange has seen significant growth and success. More than 100 institutions participated, contributing about $10 billion in standing futures trading volume in the third quarter alone.
The exchange expanded its offerings by issuing perpetual futures contracts to eligible retail customers on Coinbase Advanced in October, listing 15 perpetual futures contracts covering more than 70% of the perpetual futures market . Additionally, Coinbase has increased the maximum leverage for all listed contracts to 10x.
The latest development in Coinbase's strategy includes the introduction and expansion of spot trading on the Coinbase International Exchange. Spot Markets is committed to providing a seamless and improved trading experience for futures traders worldwide and enabling more users to access a trusted spot exchange.
To achieve this goal, Coinbase plans to place its servers in more accessible locations around the world, thereby reducing latency barriers and providing cryptocurrency users with a better trading experience. According to the announcement, the implementation and expansion of spot trading on the Coinbase International Exchange will be done in several steps.
Beginning to list BTC-USDC and ETH-USDC pairs via API access for non-US institutional clients on December 14, the company noted that its initial focus on creating and deploying liquidity provides a strong foundation. However, future phases will include product expansion for retail users, as well as additional assets and features that enable new trading strategies and improve capital efficiency.
The purpose of the exchange is to create a reliable and compliant spot market for participants outside the United States. However, Coinbase International Exchange is only available in certain jurisdictions, and another limitation is that it does not offer cryptocurrency derivatives to retail customers in the UK.
Coinbase Strategic Partnership
The update comes just days after the exchange announced a strategic partnership with Conio, a crypto wallet . This partnership expands the platform's custody solutions, which already support Bitcoin and Algorand, and enables Italian banks to offer crypto solutions with world-leading liquidity on the trading platform.
In addition, Coinbase announced plans to create Project Diamond, a smart contract-based platform developed in collaboration with Coinbase Asset Management. Project Diamond targets institutional players and allows them to create, buy and sell digital assets.
As Coinbase expands its global presence, the impact on Bitcoin's price action is expected to be huge, making it an important catalyst to keep an eye on in the coming months. Bitcoin is currently up 1.2% and trading at $42,134 , with a market cap of $834 billion and trading volume of $21.3 billion.
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