Coinbase – the leading American-based crypto exchange – is reportedly planning on setting up a new Bitcoin (BTC) and crypto trading firm overseas.
According to a report by Bloomberg, the exchange is moving in this direction in order to attract global clients. Notably, the exchange is planning on opening a new platform despite already having a presence in multiple countries including the UK, India, Singapore, UAE, and others.The exchange reportedly brought this plan up with its institutional clients and in conversation with investment firms and market makers.
However, the nature of the new crypto trading platform remains unclear as of now. Moreover, the news comes against the backdrop of traditional banking system failure, and the crypto-market losing banking support in the United States.
The American crypto exchange lost a banking partner when Signature Bank was closed by New York regulators after the collapse of Silicon Valley Bank and Silvergate Bank.Coinbase had $240 million in corporate cash stored in Signature Bank before its abrupt closure.Read more on ambcrypto.com