Coinbase Update: Rumored Launch of Overseas Futures Exchange, General Counsel Considering Relisting XRP

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Coinbase Advances Overseas Platform Development

Bloomberg reported, citing three people familiar with the matter, that Coinbase is in discussions with market makers and investment firms to create an offshore trading venue independent of Coinbase amid heavy regulatory scrutiny in the United States.

While Coinbase has not decided on which country to register in, a spokesperson declined to comment but did not deny, stating to Bloomberg:

With the mission to increase global cryptocurrency adoption, Coinbase is evaluating geographical locations and meeting with officials from jurisdictions with high regulatory standards.

During the February earnings call, Coinbase COO Emilie Choi also expressed openness to international expansion, saying:

International expansion has always been a core part of our operating strategy, and Coinbase is encouraged by regulatory developments in the EU and the UK and will continue to invest in both.

Coinbase to Launch a Derivatives Exchange

The Block also claimed to have received information from two sources, indicating that Coinbase is planning to launch a perpetual derivatives exchange.

A Coinbase spokesperson told The Block:

We are accelerating what we call a "broader, deeper" international strategy to provide better services to global users, and our international expansion momentum will focus on jurisdictions with high regulatory standards.

Coinbase Considering Relisting XRP

Coinbase Chief Legal Officer Paul Grewal was interviewed on March 17 about the XRP situation.

XRP was sued by the U.S. Securities and Exchange Commission (SEC) in December 2020, accusing the token of violating investor protection and securities laws when sold, leading Coinbase, a prominent exchange, to suspend trading and delist XRP.

However, Paul Grewal stated in the interview that Coinbase has been closely monitoring the progress of the lawsuit and admires Ripple's defense in the litigation.

While Ripple CEO Brad Garlinghouse has repeatedly emphasized confidence in winning the lawsuit as it nears its conclusion, Paul Grewal believes there is a high likelihood of an appeal in the case. Coinbase will thoroughly evaluate the specific details of the court's final decision and reconsider whether it aligns with the relisting process.