Last Updated on September 28, 2023 by Bitfinsider
By receiving regulatory authorisation from the Bermuda Monetary Authority (BMA) to provide perpetual futures trading services to retail customers outside of the United States, Coinbase, a well-known cryptocurrency platform, has accomplished a noteworthy milestone.
This initiative represents a calculated strategy to increase Coinbase’s market share globally in the cryptocurrency space.
With about 80% of the whole cryptocurrency market, the global futures market is essential to the ecosystem. It makes trading in derivatives and leveraged trades easier, both of which frequently increase market volatility.
According to research firm CCData, the total value of cryptocurrency derivatives trades worldwide in July reached an astounding $1.85 trillion. This information highlights how futures and derivatives trading is becoming more and more popular, which makes it an essential part of the cryptocurrency market.
Coinbase’s decision to broaden its offerings outside of the US coincides with the bitcoin industry’s growing regulatory scrutiny and unpredictability. Brian Armstrong, the CEO of Coinbase, has made a solid case for the necessity of uniform and transparent regulatory frameworks in the US.
Armstrong voiced his dissatisfaction with US regulators and made a suggestion that the company might relocate if things do not improve. He stated that the stability and expansion of the sector were hampered by the absence of clear regulations. He thinks that investor confidence and the industry’s success depend on clear laws.
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.