Thu. May 23rd, 2024

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Coinbase International will enable its users to trade spot Bitcoin (BTC) and Ethereum (ETH) on the platform starting Dec. 14 as part of its global expansion moves, according to a statement from the exchange.

Coinbase stated that it would pair the top cryptocurrencies with the USD Coin (USDC) stablecoin, and trading would be available exclusively via API access. Initially, this service will cater specifically to non-US institutional clients.

“Our primary focus at the outset will be to build liquidity and create a robust foundation. In the coming months, we plan to expand the product to include retail users, additional assets, and features that enable new trading strategies and enhance capital efficiency,” Coinbase International added.

Eyes further expansion

Coinbase further explained that it remains focused on expanding its services abroad amid the regulatory shakedown in the United States.

Coinbase has been entangled in a significant legal dispute with the U.S. Securities and Exchange Commission (SEC) for the past year. The regulatory body has accused the exchange of operating an unlawful platform and listing multiple securities tokens. The financial regulator has also filed similar lawsuits against rivals like Binance, Kraken, and others.

However, Coinbase has contested these allegations. Instead, it advocated for the SEC to establish specific regulations tailored to the emerging industry.

Coinbase highlights these issues in its statement, noting how this has impacted its relationship with asset issuers and the crypto community. It said:

“We recognize the hesitancy among some asset issuers and members of the crypto community to engage with US exchanges due to the evolving and uncertain regulatory landscape in the United States.”

Due to this, the platform launched an international arm in May to “offer a trusted and compliant non-US spot market for those participants.

Since its launch, Coinbase International has grown substantially, processing nearly $10 billion in perpetual futures trading volume in Q3 alone and adding over 100 institutional clients to its platform.

The post Coinbase International launches spot Bitcoin and Ethereum trading for non-US clients appeared first on CryptoSlate.

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By umair

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