Coinbase launches offshore crypto derivatives platform

The Californian Coinbase just opened Coinbase International Exchangea new scholarship from crypto derivatives based in Bermuda and dedicated to institutional investors.

The rumor had been swirling for several weeks. Sources reported in March that Coinbase was thinking of setting up a crypto-trading platform abroad while the regulatory environment in the United States is now becoming increasingly burdensome.

And the American firm, in the midst of a legal battle with the regulator SEC, finally announced on Tuesday the opening of a crypto derivatives exchange at Bermudaa jurisdiction in which the digital assets pioneer recently obtained a license.

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.

According to the San Francisco-based company, the perpetual futures accounted for nearly 3/4 of the trading volume in the crypto market last year. For Coinbase, these financial instruments allow for the creation of ” highly liquid markets “ and to offer investors “more versatility “ in their trading strategies.

“In executing the next chapter of the Company’s Go Deep, Go Broad global expansion strategy, Coinbase International Exchange brings the most secure and trusted name in crypto to the global derivatives market “added the exchange.

Today Coinbase launched Coinbase International Exchange @CoinbaseIntExch and will begin by offering BTC and ETH perpetual futures settled in USDC with up to 5x leverage to institutional clients in eligible jurisdictions outside of the U.S.https://t.co/OzhbgJlZ2K

– Coinbase 🛡️ (@coinbase) May 2, 2023

Coinbase International Exchange currently lists perpetual futures contracts on Bitcoin and Ethereum. Transactions are settled in USDC, the stablecoin issued by its partner Circle.

Last month, its rival Gemini also unveiled a new “non-US” exchange for trading crypto derivatives.

Follow Corners.en on Twitter, Linkedin, Facebook or Telegram to not miss anything.