Coinbase, the well-known American cryptocurrency exchange, is expanding its presence globally, with plans to launch a crypto-derivatives platform in Bermuda as early as next week.
According to a blog post from the company, Coinbase has already secured a Class F license under the Digital Asset Business Act from the Bermuda Monetary Authority (BMA).
The exchange’s representatives were quick to praise the Bermuda regulator’s expertise in the digital asset space, noting that the jurisdiction was one of the first to fully regulate digital assets back in 2018.
The post goes on to describe Bermuda’s regulatory environment as highly professional, transparent, and cooperative.
As part of its expansion plans, Coinbase will also be launching a cryptocurrency derivatives marketplace in the Bahamas, where it will offer users the ability to trade in perpetual swaps – a popular futures product in the cryptocurrency industry.
This move comes amidst increasing regulatory pressure on Coinbase in the United States, with CEO Brian Armstrong suggesting that the company may need to relocate to another jurisdiction.
Nevertheless, Coinbase’s push into new territories underscores the exchange’s commitment to expanding its footprint and offering users new ways to access the burgeoning cryptocurrency market.