Coinbase debuts crypto derivatives exchange for non-U.S. institutional clients

Coinbase ( NASDAQ: COIN ) on Tuesday launched a cryptocurrency derivatives exchange in Bermuda, through which institutional users based in eligible jurisdictions outside the U.S. can trade perpetual futures. Coinbase International Exchange listed bitcoin and ether perpetual futures contracts, initially offering up to 5x leverage. All trading is settled in USD Coin ( USDC-USD ) and no fiat on-ramps are required. Liquidity for the platform, named Coinbase International Exchange, will be provided by external market makers. It has "dynamic" margin requirements and collateral assessments, as well as a liquidation framework that meets compliance standards. Coinbase ( COIN ) plans to expand the exchange to its Advanced Trading platform later this year for non-U.S. professional investors and advanced retail users in eligible countries. "Rest assured that Coinbase ( COIN ) is committed to the U.S., but countries around the world are increasingly moving forward with responsible crypto-forward regulatory frameworks," it said in a blog post . Coinbase ( COIN ) has been ramping up its international expansion amid regulatory heat in the U.S. It secured a license a couple of weeks ago to operate as a cryptocurrency exchange in Bermuda. More on Coinbase Coinbase 10-K, USDC Examination Reports Raise Questions For March 2023 Earnings Coinbase downgraded at Citi amid uncertain regulatory backdrop Coinbase Is Up 80% This Year: Why It's Time To Be Cautious