• Coinbase, America’s largest crypto exchange, is reportedly in talks to set up a new digital asset trading platform overseas that can offer access to global clients.
• The discussions have yet to establish a precise location for the global marketplace, however the exchange has already made contact with market makers about how to connect to it.
• The talks occur as regulators forced Silicon Valley Bank and Signature Bank – two of the nation’s biggest crypto banking partners – to close their doors over the weekend.
Coinbase Moving Abroad?
As U.S. regulators press their attack, Coinbase may be establishing an overseas venue for servicing global clients. The exchange is reportedly in talks to set up a new digital asset trading platform outside of the United States that would provide access to customers around the world.
Location of Exchange
The discussions are confidential and it is still unclear where exactly this new platform will be located. However, Coinbase has already made contact with market makers regarding how they can connect with it.
This news comes at a time when U.S regulators are increasing their pressure on cryptocurrency companies. Last weekend, Silicon Valley Bank and Signature Bank – two of the country’s biggest crypto banking partners – were both forced by regulators to shut down operations. This closure may put further strain on companies like Coinbase who had recently switched from Silvergate bank over to Signature Bank earlier this month for its services. Some reports suggest that former crypto clients of Silvergate have been retreating to Swiss banks this week due to these issues..
Coinbase Chief Operating Officer Emilie Choi commented on these developments during an earnings call last month saying “International expansion is going to continue to be a very core part of how we operate.“ This statement indicates that despite recent difficulties, Coinbase plans on continuing its international growth strategy in order to remain competitive in today’s rapidly changing industry landscape..
It appears that Coinbase is taking serious steps towards expanding into new markets abroad amidst regulatory pressures in the United States closing some major cryptocurrency banking partnerships such as Silvergate and Signature Banks within just one week’s time frame.. Ultimately, only time will tell what happens next for this company but all signs point towards further international growth in order for them stay ahead of competitors..