Coinbase, a major player in the US cryptocurrency space, has announced the launch of an international crypto exchange as part of its Go Deep, Go Broad global expansion strategy. The move is seen as a response to the lack of regulatory clarity for cryptocurrencies in the US, and a focus on international markets where many countries are seeking to establish themselves as crypto hubs.
The new exchange will allow institutional users based in the US to trade perpetual futures, with BTC and ETH perpetual futures contracts already listed on the platform. All trades will be settled in USDC, and the contracts will initially offer 5x leverage.
The exchange has promised a high standard of customer protection and a robust risk management framework. Coinbase believes that building a global perpetual futures exchange for digital assets will help support an updating of the financial system by making its trusted products and services more accessible to users of digital assets who live outside of the US.
Coinbase had previously decided to become a public company in the US, believing that the country could embrace fundamental innovation. However, this move towards international markets signals a broader global focus for the exchange.