Coinbase expanding its services to International markets
According to a report from Bloomberg Coinbase – a USA-based major crypto exchange – is expanding its services to International markets.
Despite already having firms in various countries like the UK, Singapore, UAE, and India. They are planning on expanding their exchange services in more countries to grow their global reach. The purpose behind expanding the exchange is to attract more new clients from around the world. Other reasons may include the increase in crypto trading services and new potential business opportunities.
How does Coinbase plan to expand?
Coinbase’s plan of expansion came forth when the banking system of the US was in turmoil. And have also withdrawn any support from crypto markets.
Reports suggest that they have already discussed the plan of establishing a new crypto trading platform with its institutional clients and investment firms. However, the nature of the platform is yet to be disclosed.
Quite recently the regulators in New York closed the banking partner for Coinbase and crypto-friendly SIgnature bank, following the SVB and Silvergate bank collapse.
Before the sudden forced closure of the Signature Coinbase had a cash reserve of around $240 million there. Though it did not affect the client’s funds. As they stated, “all client cash at banks continues to be protected by FDIC pass-through insurance”
This incident might be impactful but the Coinbase has other banking partners as well. Other than SIgnature bank they are partners with the US’s largest bank – IPMorgans. Moreover, in their attempt to expand the exchange to Asian countries they recently joined forces with Tradfi Standard Chartered bank in Singapore.
Recently through a blog post, Coinbase disclosed its plan to grow its industry. they intend to launch new products and services in the international markets to achieve that. They also mentioned their goals to improve ties with leading governments and partnering with “key financial sector, tech, and telco partners,”.
“over the next eight weeks Coinbase will rapidly accelerate operationalizing its “Go Broad, Go Deep” international strategy by rolling out a number of new initiatives in countries outside the US spanning across six continents: South America, Europe, Africa/Middle East, Asia, Australia, and North America. “Coinbase blog post
Interestingly, Coinbase is not only looking to expand its business to international markets. But also to build relations with investors, strategic partners, and stakeholders in those specific regions. By doing so, it intends to leverage its expertise to build opportunities to serve its customers.