This is one of the activities that revolves around cryptocurrencies that is strictly banned in the United States. THE crypto derivatives market nevertheless pleased an American giant, Coinbase, which will open an “offshore” exchangelocated in the Bermuda archipelago in the middle of the Atlantic.
On this one, traders from all over the world are invited to come and bet on Bitcoin or Ether, with perpetual futures contracts with leverage effect up to 5 times higher. On the platform, the reference stablecoin will naturally be the USDC, managed by Circle and Coinbase.
Rather than individuals, the Coinbase International Exchange caters to institutions. The platform is betting that with attractive products for professionals, coupled with contracts that do not have a deadline, it will be able to get a more solid base of portfolios.
“The time has come to launch this international exchange”Coinbase said in a statement, adding that “more and more markets are moving forward with regulatory frameworks to become crypto hubs”. To operate in the archipelago, the company has obtained regulatory approval from the Bermuda Monetary Authority (BMA).
Last year, as the cryptocurrency market crashed, Economics and Labor Minister Jason Hayward said: “this industry downturn is likely to advance our focus and positively impact our long-term growth and role in this sector”.
Along with Liechtenstein, Bermuda is one of the most favorable territories for obtaining a flexible regulatory framework, in addition to being a tax haven.
From 2021 to 2022, Coinbase has halved its turnover. Today, despite losses of more than 550 million dollars, the platform wants to take advantage of a small breath of the market by continuing its international expansion, attacking market shares suspended since the collapse of FTX.
Listed on Wall Street, Coinbase is currently playing on two fronts (DeFi and traditional finance). With its new platform, it wants to open up to a new source of income and to be more resilient, in particular in a less significant dependence on an American regulator which has often slowed it down.
Meanwhile, many retail investors have turned their backs on it when it comes to storing cryptocurrencies. Like FTX, customers had their wallet online, directly on the platform, at the risk of being requisition funds In case of problem.
The French Ledger has benefited greatly from this with its cold physical wallets, while they hold 20% of the global capitalization of cryptocurrencies.
