• Coinbase has launched a new marketplace based in Bermuda to serve non-US institutional clients.
• The platform allows users to trade BTC and ETH perpetual futures, with all transactions settled in USDC.
• The decision comes due to the uncertain regulatory landscape in the US and CEO Brian Armstrong’s discussions with British authorities.
Coinbase Launches Platform for Non-US Institutional Investors
Coinbase, the leading cryptocurrency exchange, has announced the launch of a Bermuda-based marketplace that will serve non-US institutional users. This move comes as a response to the uncertain regulatory landscape in America and follows CEO Brian Armstrong’s recent discussions with British authorities.
Trading Available on Platform
The newly launched Coinbase International Exchange is available to non-US institutional clients and allows trading of BTC and ETH perpetual futures. All transactions will be settled in USDC, giving users the opportunity to speculate on the price movements of two of the biggest cryptocurrencies by market capitalization without owning them directly.
Bermuda Monetary Authority Approval
In April 2021, Coinbase obtained approval from the Bermuda Monetary Authority with intentions to establish an offshore derivatives marketplace in the region shortly after. The exchange then officially launched its platform last month, making it accessible to non-American investors looking for crypto exposure without worrying about regulatory hurdles at home.
Non-US Expansion Plans
The company is now actively exploring other countries as potential expansion targets outside of the US such as Britain where talks were held between Armstrong and local authorities last month. It remains unclear if any further developments have been made since then but more information is expected soon as Coinbase continues its mission to expand abroad while dealing with domestic legal issues at home.
Coinbase International Exchange provides non-US investors an alternative option for gaining crypto exposure through BTC and ETH perpetual futures trading settled in USDC. As regulatory uncertainty persists domestically, this could prove to be an attractive option for many traders looking for access beyond American borders while remaining compliant with local laws wherever they are located around the world.