Coinbase leaves the US, deploys multiple international strategies; insider: launching offshore derivatives exchange next week

Coinbase's 8-week international expansion strategy, "Go Broad & Go Deep," is halfway through, according to an official announcement. The announcement states that Coinbase has obtained a license from the Bermuda Monetary Authority (BMA), and Fortune Magazine further indicates that Coinbase will launch an offshore derivatives exchange in the coming weeks.

According to the announcement, Coinbase has made significant progress in its international expansion:

Coinbase International Expansion Strategy One: Free Bank Transfers in Singapore

Coinbase partners with Standard Chartered Bank to enable Singapore users to deposit and withdraw funds on Coinbase for free through any local bank. They have also introduced the Singaporean online digital identity, Singpass, to make it easier for users to access the platform.

Coinbase International Expansion Strategy Two: Integration with Brazil's Central Bank Payment System, Pix

Coinbase integrates with Brazil's Central Bank payment system, Pix, to provide fiat deposit and withdrawal services. They also collaborate with payment processor Ebanx to simplify user registration processes and fully localize the app in Brazilian Portuguese, offering 24/7 customer support.

Coinbase International Expansion Strategy Three: Strengthening Presence in Canada

Recent reports suggest that Canada's regulatory environment in the crypto space is becoming stricter, with several centralized exchanges leaving and even decentralized derivatives exchange dYdX restricting registrations for Canadian users.

However, Coinbase emphasizes its commitment to remain in Canada and actively pursue registrations. They have appointed former Shopify executive Lucas Matheson as the Canadian Director and are establishing a technology center in the country.

Coinbase International Expansion Strategy Four: Negotiations with Abu Dhabi Exchange

Coinbase claims to be in negotiations with the Abu Dhabi Financial Services Regulatory Authority (FSRA) to establish a regulated exchange.

Coinbase International Expansion Strategy Five: Obtaining Regulatory Approval in Bermuda

Coinbase has received regulatory approval from the Bermuda Monetary Authority (BMA) and has chosen Bermuda as one of its international hubs.

According to sources cited by Fortune magazine, Coinbase plans to launch an offshore derivatives exchange in Bermuda as early as next week and has been in contact with institutional clients, market makers, and investment firms for collaboration.

The Block also reports, citing multiple sources, that perpetual contracts will be one of the future products, indicating Coinbase's official entry into the cryptocurrency futures market.

Coinglass data shows that Binance's 24-hour trading volume on BTC/USDT perpetual contracts reached $20 billion, nearly three times that of Bybit and OKX.