Cryptocurrency platform Coinbase has secured its licence in the Bermuda archipelago to develop one of its global hubs. The exchange is continuing its international expansion.
Coinbase gets its license in Bermuda
Coinbase continues its international expansion process, announcing Wednesday that it has been granted a Class F license in the Bermuda archipelago. In accordance with the Digital Asset Business Act, such a license allows full operation in this British overseas territory, which has ambitions to become a hub for the crypto industry.
Coinbase chose Bermuda to make its local branch one of its international hubs, given the relationship between the local financial authority, the Bermuda Monetary Authority (BMA), and other global financial regulators:
Bermuda was chosen as one of our international hubs because the BMA is a highly respected and experienced financial regulator, led by a world-class management team and board. The BMA is also a member of several international organisations and has close relationships with other regulators around the world. “
Developments on several fronts worldwide
In addition to the Bermuda licence, Coinbase also revealed that it is in discussions with the global market regulator in Abu Dhabi to expand into the United Arab Emirates.
In addition, at the end of March, the exchange announced the construction of a new technology centre in Canada with over 200 engineers. In addition, thanks to an integration of technologies from payment company Pix, the platform’s Brazilian customers now have access to a stablecoin backed by the Brazilian real.
Alongside all these developments, Coinbase shares have also benefited from the renewed strength of the crypto market in recent months. It is currently trading at $64.44 a share, up more than 74% since January 1, bringing its market capitalisation to nearly $14.93 billion:
Coinbase share price
To date, Coinbase is the second largest platform in the world in terms of spot trading volumes. However, with $2.1 billion in volumes over the last 24 hours, it remains far behind Binance which recorded $15.7 billion over the same period.
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