Summary:
Coinbase’s offshore derivatives exchange has experienced a surge in volumes, reaching up to $287 million per day. This platform was launched to support Coinbase’s global expansion efforts amidst a more uncertain regulatory environment in the US. The company aims to bring new features and products to the market, while also partnering with global regulators. Bitcoin futures volumes across derivatives exchanges have been decreasing since their peak in the spring.
Key Points:
- Coinbase’s offshore derivatives exchange has seen volumes surge towards $300 million per day.
- The platform has been trading over $100 million daily since August 14.
- The exchange’s global expansion efforts are happening amidst regulatory uncertainty in the US.
- Coinbase has onboarded 50 institutions and traded $5.5 billion within the first seven weeks.
- Bitcoin futures volumes across derivatives exchanges have been declining since reaching their peak in the spring.
Hot Take:
Coinbase’s offshore derivatives exchange has been successful in attracting high volumes, showcasing the demand for crypto trading. While the regulatory environment in the US remains uncertain, Coinbase’s focus on global expansion and partnership with regulators sets a positive example for the industry. The decline in Bitcoin futures volumes across derivatives exchanges may indicate a shift in market interest or the need for new trading products to stimulate growth.
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