- Coinbase is expanding its services to offer spot trading for cryptocurrencies internationally.
- Institutions will have access to BTC/USDC and ETH/USDC trading pairs starting from December 14, 2023.
- This expansion will take place on the Coinbase International Exchange (CIE), which previously focused on futures trading.
Bloomberg has reported that Coinbase is preparing to launch spot trading for cryptocurrencies outside of the United States.
According to sources, Coinbase plans to introduce the BTC/USDC and ETH/USDC trading pairs on December 14, 2023, exclusively for institutional investors on their international exchange, Coinbase International Exchange (CIE). Though previously known for its futures operations, CIE will now offer spot trading as part of Coinbase’s global expansion strategy.
Coinbase representatives have emphasized the importance of offering both spot and derivatives trading in order to create a robust and liquid market. This move is seen as an aggressive and exciting step for the company.
“It is very important that spot and derivatives trading go side by side. They help each other and also provide a deep and liquid market. This is all part of an aggressive and very exciting roadmap,” said Greg Tusar, Coinbase’s Head of Institutional Products.
Back in November 2023, Coinbase CEO Brian Armstrong criticized the US Securities and Exchange Commission (SEC) for its lack of clarity on cryptocurrency regulations. Armstrong cited the SEC’s policies and unclear guidance as the reason for Coinbase exploring opportunities in other markets.
Another development in late November saw the US Commodity Futures Trading Commission request information from Coinbase about its clients.
Previously, we reported that Coinbase and Bybit were among the beneficiaries of Binance’s settlement with US authorities over allegations of violating American laws.