Two top US-based crypto exchanges are going international with new trading platforms aimed at customers outside of the United States.
Earlier today, Coinbase announced the launch of the Coinbase International Exchange, which will begin with offering Bitcoin (BTC) and Ethereum (ETH) perpetual futures to institutional clients.
“Today Coinbase launched Coinbase International Exchange and will begin by offering BTC & ETH perpetual futures settled in USDC with up to 5x leverage to institutional clients in eligible jurisdictions outside of the US.
As a global company, we’re working hard to help update the financial system by building trusted products that expand the utility & adoption of crypto because we believe crypto & blockchain technology have the ability to increase economic freedom & opportunity around the world.”
In an announcement, Coinbase says the new platform will give institutional users outside the US access to trade perpetual futures in BTC and ETH. BTC and ETH futures accounted for nearly 75% of all crypto trading volume in 2022, according to Coinbase.
Coinbase also says it’s looking to work with “high-bar” regulators on the new exchange, and has partnered with the Bermuda Monetary Authority to ensure compliance and transparency.
Popular crypto trader and analyst Cantering Clark said the big move spells a bright future for the exchange, and could draw in swaths of new capital to Coinbase and its stock (COIN).
“This is going to gain a ton of attention and interest by anyone who runs real money.
This is the single exchange with least amount of counterparty risk in this market.
Lfg COIN.”
Also today, Cameron Winklevoss, co-founder of Gemini, made a similar announcement on Twitter regarding his exchange.
“Introducing Gemini Foundation. This is our first non-US product. We will build to our customers, wherever they are. Crypto knows no borders. Onward!”
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