Coinbase International strategically announced the launch of a spot crypto trading platform to evaluate the demand for spot products in the market. The company aims to broaden their horizon of cryptocurrencies through this launch.
Coinbase announced the launch of its spot cryptocurrency trading services on its international exchange as the platform continues to grow its presence outside of the United States. According to Bloomberg News, Coinbase made the change strategically to broaden its range of products. At first, spot trading was limited to bitcoin and ether against the USDC stablecoin. This expansion is aimed at a wider spectrum of cryptocurrencies and is scheduled to launch gradually starting on December 14 for institutional clients.
According to CFRA Research analyst Michael Elliott, Coinbase timed its announcement strategically to evaluate demand for spot products and acquire important knowledge from the debut. Long-term advantages for Coinbase could result from this action as it works through regulatory processes, including applying for permission in the US.
The demand for cryptocurrencies has grown globally, as evidenced by the more than twofold increase in the value of Bitcoin this year, which has reached a 20-month high. A spot bitcoin exchange-traded fund (ETF) is expected, which has lifted trading volumes and increased trader sentiment overall.
Coinbase’s shares have increased fourfold this year despite regulatory obstacles, demonstrating significant market confidence in the platform’s future potential. Nonetheless, it’s important to remember that Coinbase was the target of a lawsuit brought by the U.S. Securities and Exchange Commission (SEC) in June, which claimed that unregistered securities had been sold. The complaint is part of a larger regulatory crackdown on the cryptocurrency business in the United States in response to issues and instances like those with FTX, to which Coinbase has angrily refuted the charges.
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