Coinbase to launch an International exchange

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By Degen Lipsa

Coinbase, the renown Cryptocurrency exchange has opened a derivatives exchange in Bermuda so as to support the international development strategies. This action is being taken as the exchange deals with several regulatory challenges at home in the states.

Following regulatory approvals from the Bermuda Monetary Authority (BMA), the new venture will initially offer perpetual futures for Bitcoin and Ethereum.

Emmanuel Goh, Head of Coinbase in an email to Decrypt said,

“The Coinbase International Exchange is another step on our plans to scale globally—going broad and deep, lighting up the map—first announced in May of 2022,”

In the meantime, Circle CEO joined the conversation to congratulate Coinbase on its new venture and emphasised the use of USDC as the only stablecoin pair in the exchange.

Coinbase reveals that the contracts on the Exchange will initially offer up to five times leverage and trades will be settled in USD Coin (USDC). Sources also reveal that the new exchange will have a number of security features, such as real-time, round-the-clock risk management, dynamic margin requirements, and strict compliance standards.

Institutional clients in eligible non-US jurisdictions can also get access to the platform directly through an API. However, retail customers will not be having the access for the time being.

The Exchange’s team was cited as saying the following when discussing the company’s relationships with and operations in US citizens,

Rest assured that Coinbase is committed to the US, but countries around the world are increasingly moving forward with responsible crypto-forward regulatory frameworks to strategically position themselves as crypto hubs.

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