- Coinbase is reportedly planning on setting up a new crypto trading platform overseas
- The exchange is moving in this direction days after penning its 8-week international expansion drive
Coinbase – the leading American-based crypto exchange – is reportedly planning on setting up a new Bitcoin (BTC) and crypto trading firm overseas. According to a report by Bloomberg, the exchange is moving in this direction in order to attract global clients. Notably, the exchange is planning on opening a new platform despite already having a presence in multiple countries including the UK, India, Singapore, UAE, and others.
Expansion plans of Coinbase
The exchange reportedly brought this plan up with its institutional clients and in conversation with investment firms and market makers. However, the nature of the new crypto trading platform remains unclear as of now. Moreover, the news comes against the backdrop of traditional banking system failure, and the crypto-market losing banking support in the United States. The American crypto exchange lost a banking partner when Signature Bank was closed by New York regulators after the collapse of Silicon Valley Bank and Silvergate Bank.
Coinbase had $240 million in corporate cash stored in Signature Bank before its abrupt closure. Notably, this did not affect client funds, and the exchange assured that “all client cash at banks continues to be protected by FDIC pass-through insurance”. Moreover, Coinbase has other banking partners including US’ largest bank – JPMorgan. The exchange also recently announced its partnership with Standard Chartered Bank for its customers in Singapore.
Subsequently, the crypto exchange had recently published a blog post titled “Our 8-week international expansion drive in 6 countries”. As per the post, the crypto exchange plans to launch new products and services in international markets. In addition, it will announce partnerships with “key financial sector, tech and telco partners”, and engage with leading governments. The post also read,
“over the next eight weeks Coinbase will rapidly accelerate operationalizing its “Go Broad, Go Deep” international strategy by rolling out a number of new initiatives in countries outside the US spanning across six continents: South America, Europe, Africa/Middle East, Asia, Australia, and North America. “
The story is still developing.