Coinbase, the largest crypto exchange in the United States, is reportedly in talks to set up a new offshore digital asset trading platform that can offer access to global clients.
- The discussions, which remain confidential, have yet to establish a precise location for the global market, three people familiar with the matter said. Bloomberg,
- However, the exchange has already contacted market makers about how to get online.
- “International expansion will continue to be a fundamental part of how we operate,” Coinbase COO Emilie Choi said during an earnings call last month.
- The talks come as regulators forced Silicon Valley Bank (SVB) and Signature Bank, two of the country’s largest crypto banking partners, to close their doors over the weekend, in what some politicians are calling a deliberate attack in the industry.
- Coinbase ditched Silvergate, another downed crypto bank, for Signature earlier this month, though the bank’s recent shutdown may put it under more pressure. Some data suggests that former Silvergate crypto clients have withdrawn to Swiss banks this week.
- Coinbase frequently has commented on the rapidly escalating regulatory hostilities in the United States, and warned that poor policy and enforcement around the industry can only serve to propel it abroad.
- The exchange currently serves clients in over 100 countries, but all transactions are ultimately routed through the same US platform.
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