Coinbase Obtains Bermuda License, Plans To Launch Offshore Exchange

Coinbase, one of the world’s largest cryptocurrency exchanges, has obtained a license to operate in Bermuda, a small island nation in the Atlantic Ocean known for its favorable regulatory environment. This move will allow Coinbase to expand its reach beyond the United States and Europe, and tap into a new market of cryptocurrency investors and traders.

According to reports, Coinbase has been granted a Digital Asset Business Act (DABA) license by the Bermuda Monetary Authority (BMA), which is responsible for regulating the country’s financial services industry. This license will enable Coinbase to provide digital asset services to customers in Bermuda, including buying, selling, and trading cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.

In addition to its licensing in Bermuda, Coinbase also plans to launch an offshore cryptocurrency exchange in the coming weeks. This new exchange, which will be based in Bermuda, will allow Coinbase to offer its services to customers in other jurisdictions that it is currently unable to serve due to regulatory restrictions.

According to a statement from Coinbase, the new exchange will be called Coinbase Global Markets, and will be aimed at institutional investors and high-net-worth individuals. The exchange will offer a range of trading services, including spot trading, derivatives trading, and over-the-counter (OTC) trading.

Coinbase is one of the largest and most well-known cryptocurrency exchanges in the world, with over 56 million registered users in more than 100 countries. The company was founded in 2012, and has since become one of the most trusted and reputable platforms for buying, selling, and trading cryptocurrencies.

The decision to obtain a license in Bermuda and launch an offshore exchange is part of Coinbase’s broader strategy to expand its global footprint and offer its services to more customers around the world. By establishing a presence in Bermuda, Coinbase will be able to tap into a new market of cryptocurrency investors and traders, and take advantage of the country’s favorable regulatory environment.

Overall, the news of Coinbase’s licensing and offshore exchange launch is a significant development in the world of cryptocurrency. As the industry continues to grow and evolve, more and more exchanges are looking to expand their reach and offer their services to customers in new jurisdictions. With its licensing in Bermuda and new exchange launch, Coinbase is positioning itself as a leader in this space, and is well-positioned to continue to grow and evolve alongside the industry.