• Coinbase, America’s largest crypto exchange, is reportedly in talks to set up a new digital asset trading platform overseas.
• The discussions have yet to establish a precise location for the global marketplace.
• Coinbase left Silvergate Bank earlier this month due to increasing regulatory hostilities in the United States.
Coinbase Moves Abroad?
Coinbase, America’s largest crypto exchange, is reportedly in talks to set up a new digital asset trading platform overseas that can offer access to global clients. The discussions, which remain confidential, have yet to establish a precise location for the global marketplace, three people familiar with the matter told Bloomberg.
Silvergate Closure
Coinbase abandoned Silvergate – another fallen crypto bank – for Signature earlier this month due to increasing regulatory hostilities in the United States. Some data suggests that former crypto clients of Silvergate have been retreating to Swiss banks this week as regulators forced Silicon Valley Bank (SVB) and Signature Bank – two of the nation’s biggest crypto banking partners – closed their doors over the weekend.
International Expansion
Chief Operating Officer Emilie Choi noted during an earnings call last month that international expansion will be “a very core part of how we operate” at Coinbase. The firm has already made contact with market makers about how to connect to its new platform if established abroad.
Regulatory Hostilities
The U.S. government’s efforts against cryptocurrency firms have become increasingly aggressive as of late; many politicians are calling it a deliberate attack on the industry. Coinbase leaving Silvergate was just one example of companies trying their best not get caught in the crossfire of hostile regulations directed towards cryptocurrencies and blockchain firms by U.S regulators and lawmakers alike.
Conclusion
As U.S regulations press their attack on cryptocurrency firms, many companies are looking for ways around them by exploring international markets such as Switzerland where more amicable regulation exists for cryptocurrencies and blockchain technology related businesses . It appears that Coinbase is now doing just that by attempting to launch a new digital asset trading platform abroad which could give global customers accesses once it gets established properly..