Coinbase unveils a global crypto exchange as crypto crackdown in the US intensifies
- Coinbase is a US-based crypto exchange.
- The move comes amid a growing regulatory crackdown in the US for the cryptocurrency industry.
- The new arm will allow users to trade perpetual futures, with initial contracts offering 5x leverage.
Coinbase, a leading cryptocurrency exchange in the United States, has launched an international cryptocurrency exchange as a response to the increasing crypto regulatory crackdown in the US.
The move is part of the exchange’s strategy to execute “the next chapter of the company’s Go Deep, Go Broad global expansion strategy.”
Eyeing the global market
The Coinbase International Exchange will allow institutional users from eligible jurisdictions outside the US to trade perpetual futures.
In 2022, perpetual futures accounted for about 75% of global cryptocurrency trading. They created highly-liquid markets and offered traders additional versatility in their crypto trading strategies.
Coinbase in a blog post stated:
“Building out a global perpetual futures exchange for digital assets will help support an updating of the financial system by making Coinbase’s trusted products and services more accessible to users of digital assets who live outside of the US. As more and more markets are moving forward with regulatory frameworks to become crypto hubs, we believe the moment is right to launch this international exchange.”
Currently, the Coinbase International Exchange has listed Bitcoin (BTC) and Ethereum (ETH) perpetual futures contracts. The listed contracts initially offer up to 5x leverage.