- Coinbase Reportedly Plans to Set Up a New Offshore Cryptocurrency Trading Platform
- Exchange moves in this direction after completing its 8-week international expansion campaign
Major US-based crypto exchange Coinbase is reportedly planning to set up a new offshore bitcoin (BTC) and crypto trading company. According to a Bloomberg report, the exchange is moving in this direction to attract global clients. Notably, the exchange plans to open a new platform even though it is already present in several countries, including the UK, India, Singapore, the United Arab Emirates, and others.
Coinbase expansion plan
Exchange allegedly It has discussed the plan with its institutional clients and with investment firms and market makers. However, the nature of the new crypto trading platform remains unclear as of now. In addition, the news comes in the context of the traditional banking system failure, and the crypto market is losing bank support in the United States. US Crypto Exchange Loses Banking Partner After Being Signature Bank closed for new york after the fall of the regulators Silicon Valley Bank AND silvergate bank.
Signature Bank had $240 million in corporate cash on hand before Coinbase’s sudden shutdown. Notably, it did not affect client funds, with the exchange ensuring that “all client cash in banks is protected by FDIC pass-through insurance.” Additionally, Coinbase has other banking partners including the largest bank in the US: JP MorganThe exchange recently announced a partnership with Standard Chartered Bank for its clients in Singapore.
Following this, the crypto exchange recently published a blog post titled “Our 8-week international expansion campaign in 6 countries.” According to the post, the crypto exchange plans to launch new products and services in international markets. In addition, it will announce partnerships with “key partners from the financial, technology and telecommunications sectors” and engage with key governments. also read the post
“Over the next eight weeks, Coinbase will rapidly accelerate the operation of its international “Go Broad, Go Deep” strategy, launching several new initiatives outside of the US in countries spanning six continents: South America, Europe, Africa/ Middle East, Asia, Australia. and North America. ,
The story is still unfolding.
