Is Coinbase Moving Abroad? Firm Begins Talks to Launch Platform Overseas (Report)
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, which remain confidential, have yet to establish a precise location for the global marketplace, three people familiar with the matter told Bloomberg.
- However, the exchange has already made contact with market makers about how to connect to it.
- “International expansion is going to continue to be a very core part of how we operate,” said Coinbase Chief Operating Officer Emilie Choi during an earnings call last month.
- The talks occur as regulators forced Silicon Valley Bank (SVB) and Signature Bank – two of the nation’s biggest crypto banking partners – to close their doors over the weekend, which some politicians are calling a deliberate attack on the industry.
- Coinbase abandoned Silvergate – another fallen crypto bank – for Signature earlier this month, though the bank’s recent closure may put it under further pressure. Some data suggests that former crypto clients of Silvergate have been retreating to Swiss banks this week.
- Coinbase has frequently remarked on the fast-increasing regulatory hostilities in the United States, and warned that poor policy and enforcement around the industry may only serve to push it overseas.
- The exchange currently serves clients in over 100 countries, but all transactions are ultimately routed through the same U.S. platform.
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