• Coinbase – the leading American-based crypto exchange – is reportedly planning on setting up a new Bitcoin (BTC) and crypto trading firm overseas.
• The exchange lost banking partner Signature Bank due to its closure by New York regulators.
• Coinbase recently announced its partnership with Standard Chartered Bank for its customers in Singapore and published a blog post titled „Our 8-week international expansion drive in 6 countries“.
Coinbase Plans to Set Up Crypto Trading Firm Overseas
Coinbase, the leading American-based crypto exchange, is reportedly planning on setting up a new Bitcoin (BTC) and crypto trading firm overseas. This move comes days after penning its 8-week international expansion drive. The exchange aims to attract global clients with this platform even though it already has a presence in multiple countries including the UK, India, Singapore, UAE, and others.
Signature Bank Closure Affects Coinbase Banking Partners
The traditional banking system failure led to the crypto-market losing banking support in the United States. Specifically, Coinbase had $240 million in corporate cash stored in Signature Bank before its abrupt closure due to New York regulators‘ action. However, client funds remain unaffected as per assurance from the exchange that “all client cash at banks continues to be protected by FDIC pass-through insurance”. Moreover, Coinbase has other banking partners including US‘ largest bank – JPMorgan. Recently, it also partnered with Standard Chartered Bank for its customers in Singapore.
Coinbase’s International Expansion Drive
In addition to partnering with key financial sector tech & telco partners and engaging with leading governments abroad over 8 weeks period of time – coinbase plans to roll out multiple initiatives across 6 continents: South America, Europe, Africa/Middle East; Asia; Australia; and North America. This strategy is coined as “Go Broad Go Deep” & involves launching new products & services plus expanding presence beyond US borders.
Nature of Overseas Crypto Trading Platform Unclear
Details regarding nature of newly planned overseas trading platform remain unclear till date despite discussion between institutional clients & investment firms/market makers about this plan from Coinbase side. It will be interesting to see what shape does this platform take & how beneficial is it for global traders looking for an upgraded user experience & competitive rates for their transactions?
Conclusion
Overall it seems like financial crisis caused by traditional banking system failure will lead more exchanges towards non-US territories or platforms as they try to keep their operations going while protecting customer interest during such trying times!