Coinbase Offshore Exchange Nears $2 Billion Trading Volume in July

Bombolo | News and Media

Coinbase, a prominent name in the world of digital assets, has experienced considerable growth despite ongoing issues with US regulatory standards. Despite its impending lawsuit with the US Securities and Exchange Commission (SEC), the company has managed to flourish, culminating in massive trading volume figures last month.

Also Read: Coinbase vs. SEC Lawsuit: The Showdown Begins - Court Dates Confirmed

Offshore Exchange Success

The offshore futures exchange, launched by Coinbase in May as part of its international expansion plan, has proved to be a fruitful venture for the company. Within just three months of operations, the exchange recorded an impressive trading volume of $1.96 billion in July alone.

Global Expansion Strategy

Coinbase's global expansion strategy has played a crucial role in this success. The Bermuda-based figures exchange, registered in the country, started with two contracts, Bitcoin and Ether. Over the course of the month, the exchange saw a total trading volume of $1.963 billion for these two contracts alone.

Slowing Momentum

While the trading volume figures are undoubtedly impressive, there was a noted slowdown in momentum as the month wore on. Despite this decline in activity, Coinbase's performance in the new market remains commendable.

Also Read: Bitcoin's Journey to $180,000 Before April 2024 with the BlackRock ETF

Coinbase vs. Crypto Futures Market

Coinbase's success in achieving nearly $2 billion in trading volume should not be underestimated. However, it is essential to put this into perspective. In comparison, the entire crypto futures market reached a staggering volume of over $550 billion in Bitcoin futures in July, according to The Block report.

Coinbase's offshore futures exchange has made a significant impact on the market, achieving remarkable trading volumes within a short span of time. While it faced challenges and a slowdown in momentum, the overall success speaks volumes about Coinbase's global expansion strategy and determination to excel in the digital asset space.

Also Read: SEC's Unprecedented Move: Coinbase Limited to Bitcoin Trading Only

FAQs

1. What is Coinbase's offshore futures exchange?

   Coinbase's offshore futures exchange is a platform that allows users to trade futures contracts on digital assets such as Bitcoin and Ether. It is registered in Bermuda as part of Coinbase's international expansion plan.

2. How much trading volume did Coinbase's offshore exchange observe in July?

   The offshore futures exchange recorded an impressive trading volume of $1.96 billion for the month of July alone.

3. What were the contracts available on Coinbase's offshore exchange?

   The exchange started with two contracts, one for Bitcoin and another for Ether.

4. Did Coinbase face any challenges in the market?

   Yes, Coinbase experienced a slowdown in momentum as the month progressed.

5. How does Coinbase's trading volume compare to the overall crypto futures market?

   While Coinbase achieved nearly $2 billion in trading volume, the entire crypto futures market surpassed $550 billion in Bitcoin futures volume in July.