Coinbase has announced Coinbase International Exchange (CIE), a new institutional platform designed for crypto derivatives trading.
CIE, which will support Bitcoin perpetual futures, plans to start trading later this week. According to the announcement, all trading in the CIE will be conducted with the Coinbase-backed stablecoin USDCoin.
Platform to be implemented in Bermuda
In a statement, Coinbase underlined that direct access trading in the CIE is available to institutional customers in non-US jurisdictions via the API.
According to the announcement, the new international crypto platform was launched with the support of regulators in Bermuda. As previously reported, Coinbase received a license from the Bermuda Monetary Authority (BMA) in April 2023. The class F license allowed Coinbase to operate a digital asset exchange and a digital asset derivatives exchange provider business, as well as to conduct activities such as token sales and issuance.
Bermuda, the British overseas territory, has shown a similar stance towards crypto similar to the United Kingdom and has been among the countries that have been on the rise in the crypto industry lately.
Bermuda Prime Minister and Finance Minister Edward Burt has announced that the government is open to crypto despite industry failures like FTX. Local officials also stated that Bermuda will maintain its crypto hub targets despite the industry facing a bear market in 2022.
Coinbase had planned to launch a global crypto exchange since March 2022. Coinbase announced the first reports of its platform, which it plans to launch this week, a few days before Wells received the notification. The platform filed a petition against the SEC on April 25, asking the regulator to clarify industry regulations.
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