Coinbase may launch overseas trading platform amid domestic crypto crash: Report
The largest US crypto exchange platform by volume is reportedly developing an offshore trading platform in response to a domestic attack on crypto assets.
According to a new report from Bloomberg, unnamed sources familiar with the matter say Coinbase is considering whether to launch an overseas trading platform as US regulators tighten controls on the crypto industry.
The sources say Coinbase is currently discussing the possibility of setting up an alternative trading network for global clients that would be separate from the main marketplace with its institutional clients.
The stock market giant’s potential expansion comes at a turbulent time, as lawmakers turn their sights on the industry due to a series of high-profile incidents last year, such as the multibillion-dollar collapse of Terra and FTX.
Furthermore, many crypto-friendly banks, such as Silvergate and Signature Bank, fell under the supervision of the Federal Deposit Insurance Corporation (FDIC) earlier this year after running into financial trouble.
Although a spokesperson for Coinbase declined to comment specifically, the company told Bloomberg that it is meeting “with government officials in regulatory jurisdictions” in its quest to increase global crypto adoption.
Coinbase CEO Brian Armstrong recently told Bloomberg that the firm is “embracing decentralization,” diversifying its revenue streams and calling for more regulatory clarity for digital assets in the United States.
Last month, Coinbase launched a new initiative to build a strong crypto advocacy community that would engage with US regulators.
“If you love crypto and believe in the potential of web3, it is more important than ever to advocate for pro-crypto politics in the US. Politicians in Washington DC and state capitals across the US are making decisions about the future of crypto.
Your choices will determine how, when and where YOU can build, buy, sell and spend crypto. We need to make sure they get it right, and that means making your voice heard.”
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