The Rise of Coinbase’s Non-US Exchange Trading Volumes

The Rise of Coinbase’s Non-US Exchange Trading Volumes

Coinbase’s international exchange made headlines on Feb. 20, surpassing $1 billion in daily trading volume for the first time ever. This significant milestone was met with enthusiasm from Coinbase CEO Brian Armstrong, who highlighted the continued growth of the service.

Live data revealed that Coinbase International Exchange recorded $1.098 billion in 24-hour perpetual trading volume. This included notable contributions from Ethereum (ETH) with $557.5 million, Bitcoin (BTC) with $425.9 million, and Solana (SOL) with $50.6 million. While other listings showed lower trading volumes, the overall performance of the exchange remained impressive.

In addition to perpetual trading, Coinbase International Exchange also accommodates spot trading, with $12.4 million in 24-hour trading volume. However, the selection for spot trading is limited to Bitcoin and Ethereum as of Feb. 20, showcasing the exchange’s strategic focus on these popular assets.

The international exchange was initially launched in May 2023, emphasizing institutional perpetual trading. Subsequently, spot trading was introduced in December, broadening the range of services available. It is worth noting that retail trading is currently restricted on the platform, underscoring its institutional-oriented approach.

Coinbase’s recent volume surge coincided with the release of its earnings report for the US-based exchange. While specific financial data for the international exchange was not disclosed, Coinbase highlighted the dominance of crypto derivatives in the market, comprising 75% of all trading volume in 2023. The exchange also emphasized the potential for regulatory oversight in the derivatives sector, positioning itself as a trusted and compliant service provider.

Looking ahead, Coinbase aims to expand its derivatives offerings for eligible US retail traders through its subsidiary, Coinbase Financial Markets (CFM). This strategic move underlines Coinbase’s commitment to enhancing its product portfolio and catering to a diverse range of traders.

Coinbase’s non-US exchange has demonstrated significant growth and success in recent trading activities. With a focus on institutional trading, strategic expansion, and market leadership, Coinbase International Exchange is poised to play a pivotal role in shaping the future of cryptocurrency trading.

Exchanges

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