Published: May 2, 2023 at 3:58 p.m. ET
On Tuesday, Coinbase COIN, the largest crypto exchange in the U.S., announced the launch of a new product for crypto investors outside of the country. The newly-formed international exchange will let institutional investors based in eligible jurisdictions trade perpetual futures, according to a statement from Coinbase.
A perpetual future is a type of derivative financial contract without a settlement time or expiration date, and according to Coinbase, perpetual futures trading accounted for around 75% of global crypto exchange…
On Tuesday, Coinbase
COIN
,
the largest crypto exchange in the U.S., announced the launch of a new product for crypto investors outside of the country. The newly-formed international exchange will let institutional investors based in eligible jurisdictions trade perpetual futures, according to a statement from Coinbase.
A perpetual future is a type of derivative financial contract without a settlement time or expiration date, and according to Coinbase, perpetual futures trading accounted for around 75% of global crypto exchange volume last year.
The news comes after ongoing back-and-forth between Coinbase and the U.S. Securities and Exchange Commission, which has cracked down on crypto companies in the U.S. in the past year, especially after the collapse of crypto exchange FTX in November 2022.
In April, Coinbase sued the SEC in an effort to get a clearer response to a petition that the company filed last July, asking the SEC to outline clear guidance around how to regulate digital assets. This came just a month after the SEC hit Coinbase with a Wells notice, which identified potential violations of securities laws that might spur them to take legal action.
“Coinbase chose to become a public company in the US because we believe the US would best be served by embracing this fundamental innovation,” said Coinbase in a statement on Tuesday. “But we’re also focused on international markets, many of which are moving forward with strategies to become “crypto hubs.””
The Coinbase International Exchange will only be accessible through an API initially, meaning it doesn’t currently have an app or website for users.
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