The international arm of leading crypto exchange Coinbase is expanding its offerings to attract more institutional players.
One of the biggest themes of the cryptocurrency industry in recent months is the onboarding of institutional players. The potential launch of Bitcoin ETFs in the United States and the amendment of accounting rules for corporate BTC holders align with this latest industry growth phase.
Leading crypto exchange Coinbase is not left behind and has since signified its intent to grow its institutional market share. The launch of Coinbase International, which mainly caters to institutions, and the rapid expansion of offerings on the platform form part of Coinbase’s overall strategy.
On Wednesday, Coinbase announced yet another major addition to its international arm. The company is introducing spot markets for the first time, having offered only perpetual contracts trading in for seven months. Coinbase International launched in May this year.
For a start, Coinbase International will offer Bitcoin (BTC) and Ether (ETH) spot markets, using BTC/USDC and ETH/USDC trading pairs. The new product will launch on December 14 and will only be available to “non-US institutional clients” via API access, the company said in an announcement.
Coinbase International plans to introduce more features, roll out spot markets to retail investors, and list more assets. In the meantime, the exchange is focusing on building liquidity for its new trading venue.
Coinbase Pursues Global Dominance
The latest move by Coinbase represents part of its broader efforts to minimize its reliance on the U.S. market, where it has had to contend with regulatory pressure. Coinbase has been locked in a lawsuit with the United States Securities and Exchange Commission (SEC) since June, with the regulator alleging a violation of securities laws.
Coinbase’s expansion means it can generate additional revenue while remaining competitive on the international scene, largely dominated by players such as Binance and Bybit. Notably, the exchange still has significant room for growth. Its 24-hour trading volume of $2.5 billion only accounts for around 20% of the $14 billion that Binance handled within the same timeframe.
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