The Rapid Growth of Coinbase’s Non-US Exchange

The Rapid Growth of Coinbase’s Non-US Exchange

Coinbase’s non-US exchange achieved a significant milestone on February 20th as it saw over $1 billion in daily trading volume. This marks the first time that the exchange reached this impressive daily volume mark, indicating a strong and steady growth trajectory. Coinbase International Exchange reported that its perpetual futures trading alone surpassed $1 billion in notional contract volume traded, showcasing the platform’s increasing popularity among traders.

As of 8:15 pm UTC on the same day, Coinbase International Exchange recorded $1.098 billion in 24-hour perpetual trading volume. This included substantial volumes for popular cryptocurrencies such as Ethereum (ETH), Bitcoin (BTC), and Solana (SOL). Ethereum perpetual trading volume stood at $557.5 million, Bitcoin perpetual trading volume at $425.9 million, and Solana perpetual trading volume at $50.6 million. While other listings on the exchange had lower trading volumes, the overall numbers reflect a thriving trading environment.

Aside from perpetual trading, Coinbase International Exchange also hosts a spot market where traders can participate in buying and selling cryptocurrencies. The spot market recorded $12.4 million in 24-hour trading volume, with Bitcoin and Ethereum being the only available options for spot trading on February 20th. This diversification of trading options caters to different types of investors looking for opportunities in the crypto market.

Expansion and Future Plans

Coinbase launched its international exchange with a primary focus on institutional perpetual trading in May 2023. Over time, the company expanded its offerings to include spot trading in December, further enhancing the platform’s appeal to a broader audience. Despite not allowing retail trading at the moment, Coinbase’s international exchange continues to attract trading volumes and fuel growth in the cryptocurrency market.

Moving Towards Regulation and Trust

The surge in trading volumes for Coinbase’s non-US exchange comes in the wake of the company’s emphasis on regulatory compliance and trustworthiness. Coinbase aims to position itself as a trusted and regulated service provider in the largely unregulated crypto derivatives market. By launching derivatives for eligible US retail traders through its subsidiary, Coinbase Financial Markets (CFM), the exchange is paving the way for a more regulated and transparent trading environment.

Coinbase’s non-US exchange has demonstrated remarkable growth and success, surpassing $1 billion in daily trading volume and expanding its offerings to cater to diverse trading needs. With a clear focus on regulatory compliance and market integrity, Coinbase is positioning itself as a key player in the evolving cryptocurrency landscape.

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