Coinbase’s offshore derivatives exchange sees surge in trading activity
Coinbase International, the offshore derivatives exchange launched by Coinbase in May, has experienced a significant increase in trading activity. The platform has consistently surpassed $100 million in daily volumes since August 14, reaching an impressive $287 million on August 18. This surge in trading volume raises the question of whether Coinbase can surpass Binance, currently the largest cryptocurrency exchange in the world.
Coinbase successfully onboards institutional investors
In just seven weeks of trading, Coinbase International has onboarded 50 institutional investors who have traded a staggering $5.5 billion. Despite its ongoing legal battle with the SEC and the complex regulatory landscape in the United States, Coinbase aims to accelerate its growth and bring new features and products to market over the second half of the year.
Coinbase gains approval to offer crypto futures to US customers
Last week, Coinbase announced that it has obtained approval from the National Futures Association (NFA) to offer crypto futures to eligible US customers. This approval is seen as essential for unlocking significant growth and broader participation in the crypto market. Coinbase also launched the Stand with Crypto Alliance, an independent nonprofit organization aimed at advocating for legislation that would create a regulatory framework for digital assets in the US.
Hot Take
Coinbase’s offshore derivatives exchange has seen impressive growth in trading volumes, indicating its potential to compete with Binance as the largest cryptocurrency exchange. With successful onboarding of institutional investors and approval to offer crypto futures to US customers, Coinbase is poised for further expansion. However, the company faces challenges from regulatory complexities and its legal battle with the SEC. Nevertheless, Coinbase’s strategic initiatives and focus on partnership with regulators position it to thrive in the evolving crypto landscape.
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