Coinbase’s non-US exchange recently made history by surpassing $1 billion in daily trading volume on February 20th, according to a statement from Coinbase International Exchange. This achievement marks a significant milestone for the platform, with Coinbase CEO Brian Armstrong acknowledging that it was the first time the non-US unit had reached this impressive daily volume mark. Armstrong further emphasized that the service continues to see growth and momentum in the market.
Live data from Coinbase International Exchange as of 8:15 pm UTC on February 20th revealed a total of $1.098 billion in 24-hour perpetual trading volume. This amount included notable trading volumes for Ethereum (ETH) at $557.5 million, Bitcoin (BTC) at $425.9 million, and Solana (SOL) at $50.6 million. While other listings on the exchange experienced considerably lower trading volumes, Coinbase International Exchange also boasts a spot market that saw $12.4 million in 24-hour spot trading volume. Notably, only Bitcoin and Ethereum are currently available for spot trading on the platform.
Coinbase launched its international exchange with a primary focus on institutional perpetual trading back in May 2023. Since then, the platform has expanded its offerings to include spot trading in December of the same year. However, it is important to note that, as per the exchange’s website, retail trading is not yet permitted on the international exchange.
The surge in trading volumes on Coinbase International Exchange comes on the heels of the company’s recent earnings report for its main US-based exchange. While financial details specific to the international exchange were not disclosed, Coinbase highlighted the dominance of the crypto derivatives market, accounting for 75% of all trading volume in 2023. The exchange also emphasized the largely unregulated nature of the derivatives market, positioning itself as a trusted and regulated service provider in this sector.
Looking ahead, Coinbase aims to expand its derivatives offerings to eligible US retail traders through its subsidiary, Coinbase Financial Markets (CFM), following its launch in late 2023. As the crypto market continues to evolve, Coinbase International Exchange’s milestone of surpassing $1 billion in daily trading volume serves as a testament to its growing presence and influence in the global digital asset landscape.
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