Coinbase introduces spot trading for non-US institutions

abdelaziz Fathi

Coinbase continues to broaden its customer base beyond the United States by introducing spot trading for non-U.S. institutions on its cryptocurrency exchange.

Coinbase

Starting from December 14, Coinbase will list “BTC-USDC and ETH-USDC pairs via API access exclusively for non-U.S. institutional clients,” as revealed in the company’s recent blog post.

The offshore entity, called Coinbase International Exchange, allows users outside the US to trade on both spot and derivatives markets. Bitcoin and Ether perpetual contracts were initially introduced as its first derivative contracts, but other products are expected to launch soon afterwards.

The international division of Coinbase, which initiated launched trading for non-U.S. institutional clients earlier this year, said it plans to further expand its services while also incorporating additional assets.

Since the launch of its international arm, Coinbase introduced perpetual futures trading for non-U.S. institutions and “eligible” retail users. During the third quarter, the platform reported onboarding over 100 institutions, resulting in $10 billion in perpetual futures trading volume, as mentioned in the blog post.

Coinbase’s strategy to expand globally, titled “Go Abroad, Go Deep,” has been motivated, in part, by its ongoing regulatory challenges in the United States. The company has outlined plans to focus on 24 countries, including Brazil, Hong Kong, and the United Arab Emirates.

Coinbase Advanced is touted as a platform for seasoned retail traders. These perpetual futures contracts enable traders to speculate on crypto asset price fluctuations without a defined expiry date. Moreover, to celebrate the launch, Coinbase has introduced a promotional low fee rate of 0% (maker) and 0.03% (taker).

In May 2023, Coinbase procured a class F license from the BMA, granting it permission to offer perpetual futures to non-US institutional clients. The new product addition will help traders take advantage of volatility, hedge risk and discover prices through options, which are generally simple and have no special or unusual features.

The US-based publicly traded exchange launched its international derivatives exchange in Bermuda amid a deepening regulatory crackdown at home. The launch came after the company received regulatory approval from the Bermuda Monetary Authority as part of an aggressive expansion outside the United States.

  • Read this next

    Fundamental Analysis

    Global FX Market Summary: EUR, Fed Minutes February 21, 2024

    Hawkish Fed minutes could strengthen USD, dovish BoE hints could boost euro, mixed economic data leaves impact unclear, FOMC minutes release today holds the most weight.

    Digital Assets

    360T launches Crypto NDF offering

    “By launching our crypto offering with non-deliverable derivatives products, we are allowing our diverse, global client base to engage with the crypto market without the need to build or invest in Distributed Ledger Technology (DLT) infrastructure. Looking ahead, we will continue to work with our industry partners to expand 360T’s crypto.”

    Technical Analysis

    FTSE 100 index Technical Analysis Report 20 February, 2024

    The FTSE 100 index is likely to fall to support level 7600.00 after reversing from resistance level 7750.00.

    Retail FX

    Afterprime enhances trade reporting with PrimeXM and TRAction

    “This collaboration has made setting up EMIR and MIFIR reporting for our CySEC entity a breeze, allowing us to maintain our focus on providing best-in-class pricing and top-notch customer service.”

    Market News

    US Market Stocks See a Dip Ahead of FOMC Minutes Announcement

    As the financial world eagerly awaits the release of the Federal Open Market Committee (FOMC) meeting minutes scheduled for today, the S&P 500 index begins trading slightly lower, marking a subtle shift in market sentiment following a prolonged rally.

    Fintech

    Adaptive proves that “the future of finance is in the cloud”

    “While workloads have migrated to the cloud over the past decade, some have doubted whether its latency and fault tolerance can match that of on-premises solutions – our joint testing on Google Cloud, proves that this is the case.”

    Retail FX

    Axi Select offers live trading amid “end of demo account prop firm model”

    “We genuinely empathize with the thousands of talented traders who will now be denied access to their allocated funds, and we encourage anyone using the demo trading registration model to question whether their prop firm partner will be able to continue as an ongoing concern given recent events. Unfortunately, this could be the beginning of the end for the demo account prop firm model.”

    Digital Assets

    Celsius founder Mashinsky agrees to shared lawyers with Sam Bankman-Fried

    Former Celsius CEO Alex Mashinsky has addressed potential conflicts of interest in his legal representation during a brief hearing in a New York courtroom.

    Digital Assets

    Sam Bankman-Fried captured in first jail photo

    Sam Bankman-Fried, the once-billionaire founder of FTX, has been spotted looking quite different with a new beard and a slimmer figure in a photo that’s been making rounds, reportedly taken inside New York’s Metropolitan Detention Centre.

    <