The Success of Coinbase International Exchange

The Success of Coinbase International Exchange

Coinbase’s non-US exchange recently achieved a significant milestone by surpassing $1 billion in daily trading volume on February 20th. This achievement was highlighted by Coinbase International Exchange, which reported that its perpetual futures exceeded the $1 billion mark in notional contract volume traded. This success was acknowledged by Coinbase CEO Brian Armstrong, who emphasized that this was the first time the non-US unit had reached this impressive daily volume mark. Armstrong also pointed out that the service continues to experience steady growth.

The trading data revealed that as of 8:15 pm UTC, Coinbase International Exchange recorded $1.098 billion in 24-hour perpetual trading volume. This volume breakdown included $557.5 million in Ethereum (ETH) perpetual trading, $425.9 million in Bitcoin (BTC) perpetual trading, and $50.6 million in Solana (SOL) perpetual trading. In comparison, other listed cryptocurrencies had significantly lower trading volumes. Additionally, the exchange also offers a spot market, which saw $12.4 million in 24-hour spot trading volume with only Bitcoin and Ethereum available for spot trading as of February 20th.

Coinbase expanded its services by launching the international exchange in May 2023, initially focusing on institutional perpetual trading. In December, the exchange broadened its offerings to include spot trading. However, the international exchange currently does not support retail trading. These developments have contributed to the platform’s overall growth and success. It is worth noting that the trading data mentioned above is distinct from Coinbase’s main US exchange at Coinbase.com, which reported $3.2 billion in spot trading volume on the same day.

As part of its future plans, Coinbase aims to provide trusted and regulated services in the cryptocurrency derivatives market. The company highlighted the potential of this market, stating that it accounted for 75% of all trading volume in 2023. Coinbase views the derivatives market as largely unregulated and sees an opportunity to establish itself as a reputable service provider in this segment. To this end, the exchange started offering derivatives for eligible US retail traders through its subsidiary, Coinbase Financial Markets (CFM), towards the end of 2023.

Coinbase International Exchange’s achievement of surpassing $1 billion in daily trading volume demonstrates its growing prominence in the cryptocurrency market. With a focus on expanding its offerings and ensuring regulatory compliance, Coinbase is positioning itself as a reliable and innovative player in the industry.

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