Today, Coinbase International Exchange commences trading, listing Bitcoin and Ether as potential futures.
Despite the storm facing the cryptocurrency industry in the United States, the Crytpo exchange has decided to go global.
The announcement which was made on May 2, details all trading to be settled via Coinbase-backed stablecoin USD Coin (USDC), which requires no fiat on-ramps.
Coinbase emphasized that business customers in qualified non-U.S. jurisdictions can access instant trading on CIE using an application programming interface. the company added that;
“These products are not available to retail customers at this time.”
Last month, Coinbase announced it has received a Class F licence to operate in Bermuda.
With the help of the license, known as a Class F License under the Digital Asset Business Act, Coinbase is able to carry out a number of operations, including token sales and issuance. It also enables it to function as a provider of digital asset derivatives exchanges as well as an exchange for digital assets.
Coinbase pointed out that this is a good move because Bermuda’s regulatory environment is known for its high level of transparency and compliance.
Bermuda is an autonomous, parliamentary-run British overseas colony. Similar to the United Kingdom, where digital currencies are still legal, Bermuda has been supportive of cryptocurrencies and has recently become more optimistic about the sector.
It is worthy of note that despite industry failures like FTX, Bermudan Premier and Finance Minister Edward Burt stated that the government is still open to cryptocurrency. Local officials also declared last year that Bermuda would maintain its goals of becoming a global centre for cryptocurrency, despite the sector experiencing a severe bear market in 2022.
The news comes as major American investment firm Citigroup downgrades Coinbase shares from buy to neutral or high risk and lowers its price objective from $80 to $65 per share. According to Citigroup analyst Peter Christiansen, a future concern to Coinbase is the regulatory unpredictability in the larger Bitcoin industry.
Also, some members of the cryptocurrency community believe the most recent development could signal the beginning of Coinbase’s demise in the US. This is because it occurred just one day after CEO Brian Armstrong said at a fintech conference in London that the exchange might think about leaving the country due to a lack of regulatory clarity.
Despite the SEC’s crackdown on cryptocurrencies, Coinbase launched a foreign exchange, demonstrating the company’s commitment to innovation and global growth. It’s a risky move that shows how confident the corporation is about handling the regulatory environment. This choice demonstrates Coinbase’s dedication to maintaining its position as a pioneer in the cryptocurrency sector and to offering cutting-edge services to its clients. While the long-term effects of this decision are still uncertain, Coinbase’s recent launch of an international exchange is a significant development that defies the regulatory obstacles that the US is currently facing.
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