Coinbase, the leading digital asset exchange, has announced the launch of its new institutional platform, Coinbase International Exchange (CIE), which is designed for crypto derivative trading. CIE will allow for Bitcoin perpetual futures trading and will be implemented in Bermuda Monetary Authority. All trading on CIE will be conducted using Coinbase-backed stablecoin USDC. The new international crypto platform was launched with the support of regulators in Bermuda, which has recently become one of the countries on the rise in the crypto industry. This move demonstrates Coinbase's ambition to establish a global crypto exchange, which it had been planning since March 2022. Despite facing a bear market in the sector, Bermuda has demonstrated a crypto-friendly attitude similar to that of the United Kingdom, and Coinbase had obtained a license from the Bermuda Monetary Authority (BMA) in April 2023, allowing it to operate its digital asset exchange and a digital asset derivatives exchange provider.
Institutional customers outside the US will have direct access trading on CIE through an API. However, Coinbase emphasized that it had to file a petition with the SEC for clarity on industry regulations just a few days before launching the platform. With the growing popularity of cryptocurrencies and blockchain, exchanges like Coinbase are actively working on expanding their services to cater to the growing demand.
