Coinbase News: Coinbase, the leading cryptocurrency exchange based in the United States, has launched a derivatives exchange in Bermuda as part of an international development strategy. This move comes at a time when Coinbase is facing regulatory difficulties at home in the United States.
Coinbase Launches International Exchange
According to the latest announcement by Coinbase, the platform will be known as the Coinbase International Exchange and will provide a robust trading experience that will be delivered by collaborating with a number of external market makers who are keen to provide liquidity. Additionally, it will have a liquidation framework that meets stringent compliance standards as well.
Read More: U.S. Investors Abandoning Crypto Exchanges, But Where Are They Going?
The move marks Coinbase’s latest step into derivative trading, which is one of the most popular sectors of the global cryptocurrency market, although being essentially barred from operating in the United States — which requires such activities to have substantial monitoring.
Coinbase Implements 5X Leverage
Earlier today, Bitcoin (BTC) and Ethereum (ETH) perpetual futures contracts went live on the Coinbase International Exchange where every transaction is settled in USDC, and there will be no introduction of fiat on-ramps. In the beginning, the contracts provide leverage of up to five times and can be increased going forward, according to Coinbase. Furthermore, institutional clients located in qualified jurisdictions outside of the United States are also able to access the trading platform through API.
While speaking about the firm’s association with US citizens and operations, the Coinbase team was quoted as saying:
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.
In the wake of this Coinbase news, the share price of COIN dropped by 1% and is currently exchanging hands at $49.46 at the time of writing.
Also Read: Bitcoin Mining Faces Major Blow As Biden Proposes 30% Tax
The post Breaking: Coinbase Launches Derivatives Exchange With 5X Leverage appeared first on CoinGape.
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