Coinbase Plans to Expand Outside the US
- Coinbase is planning to increase its presence on the international stage.
- Expanding its operations would see Coinbase directly compete with Binance.
- Coinbase is currently the leading exchange in the United States.
US-based crypto exchange Coinbase is reportedly focusing on expanding outside of the US. A Bloomberg report claimed the company had already discussed these plans with international clients. A Coinbase spokesperson wrote in an email that the company’s international expansion drive will “focus on high-bar regulatory jurisdictions.” The spokesperson said the exchange remains “focused on offering our products in a safe, compliant way, with sound risk management at the core.”
The decision to expand was made at a time when many US lawmakers and regulators are attacking cryptocurrency companies for what they claim is their part in the downfall of financial institutions such as Silvergate Bank, Silicon Valley Bank, and Signature Bank.
The US Securities and Exchange Commission recently cracked down on Kraken for its US staking services. Coinbase, however, informed its customers that its staking program would continue despite the recent hostility.
A Coinbase official said the exchange is throwing its energy towards its “Go Broad, Go Deep” initiative, which would see it expand its presence on every continent. In a blog post, Coinbase said its plans for expansion will include “launching new products and services, including bespoke projects, to enter or strengthen our presence across a wide range of international markets.” The exchange also plans to announce “specific partnerships with key financial sector, tech, and telco partners.” Coinbase also said it would engage with top government officials and regulators to “help advance their plans to support and regulate crypto.”
Coinbase is presently the largest U.S.-based cryptocurrency exchange. However, expanding its operations to more countries would see it directly compete with companies like Binance, which processes nearly ten times as much daily volume as it does. Coinbase would also compete with a few other smaller rivals, such as Gate.io and OKX.
This would not be the first time Coinbase has hinted at an international expansion. Furthermore, many believe having a global presence will be profitable for Coinbase investors. However, Coinbase is yet to have a confirmed location for its global operations.