Coinbase Announces Phase II of International Expansion Strategy
Coinbase has unveiled Phase II of its international expansion strategy, focusing on acquiring licenses, registering, and strengthening operations in markets with clear regulations. The company is prioritizing Europe (EU and UK), Canada, Brazil, Singapore, and Australia for its near-term expansion plans. Coinbase is also working on expanding its products and services globally, establishing partnerships with banks, and collaborating with G20 members and major financial hubs to promote industry consensus and global standards.
Coinbase Ventures Invests in Six Projects
Coinbase Ventures has allocated its initial round of investments from the Base Ecosystem Fund to six projects: Avantis, BSX, Onboard, OpenCover, Paragraph, and Truflation. The Base Ecosystem Fund, launched earlier this year, aims to invest in onchain projects building on Coinbase’s Base network. The investment amounts were not disclosed, but the team received over 800 applications for funding.
Crypto Startup LBRY Appeals SEC Registration Decision
Crypto startup LBRY has appealed a court decision that found it liable for violating Section 5 of the Securities Act of 1933 by failing to register with the US Securities and Exchange Commission (SEC).
Riot Platforms Receives Energy Credits from ERCOT
Bitcoin miner Riot Platforms received $31.7 million in energy credits from the Electric Reliability Council of Texas (ERCOT) last month to reduce its energy consumption. Riot curtailed its power usage by over 95% during periods of peak demand due to extreme heat in Texas in August 2023.
IMF and FSB Warn Against Total Crypto Bans
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have jointly cautioned against total crypto bans, highlighting that crypto operates across borders. Instead, they recommend targeted restrictions, sound monetary policies, licensing crypto service providers, and implementing anti-money laundering and counter-terrorist financing standards.
Finery Markets Appoints Krish Chatterjee for Business Development in APAC
Finery Markets, an OTC multi-dealer electronic marketplace for crypto businesses, has appointed Krish Chatterjee as an advisory member for business development in the Asia-Pacific (APAC) region. Chatterjee brings experience from his previous roles at Infinito Blockchain Labs and DTCO, where he focused on sales strategies and promoted blockchain solutions in various industries.
Hot Take
Coinbase’s Phase II expansion strategy demonstrates its commitment to international growth and compliance with regulations. By prioritizing key markets and establishing partnerships, Coinbase aims to create a global presence. The investments made by Coinbase Ventures into promising projects further solidify its support for the development of the crypto ecosystem. The legal appeal by LBRY highlights the ongoing challenges faced by startups in navigating regulatory requirements. Riot Platforms’ receipt of energy credits reflects the company’s efforts to reduce its environmental impact. The IMF and FSB’s stance against total crypto bans emphasizes the importance of balanced regulation in fostering innovation. Finally, Finery Markets’ appointment of Krish Chatterjee showcases the industry’s growing demand for experienced professionals in business development roles.
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