Coinbase's Global Exchange Surges with $280 Million Daily Trading Activity – Can it Overtake Binance?
Coinbase's offshore derivatives exchange has experienced a significant surge in trading activity, with volumes approaching $300 million per day.
According to data from The Block's data dashboard, Coinbase International, which facilitates trading in perpetual futures contracts, has consistently surpassed $100 million in daily volumes since August 14.
On August 18, the platform's volumes reached an impressive $287 million.
Launched in May, Coinbase International is part of Coinbase's strategic initiative to expand globally.
The company aims to accelerate its growth despite the complex regulatory landscape in the United States and its ongoing legal battle with the Securities and Exchange Commission (SEC), which commenced in June.
According to Coinbase's shareholder letter, the company has successfully onboarded 50 institutional investors onto the platform.
In just seven weeks of trading, these investors traded a staggering $5.5 billion.
"While we are in the early days of investing to build liquidity and grow institutional participation, we are also working to bring new features and additional products to market over the second half of the year, such as additional asset trading books and spot trading," the letter reads.
"We remain committed to partnering with high-bar global regulators and are encouraging the US to follow the progressive regulatory frameworks seen in emerging crypto hubs."
Meanwhile, the surge in trading volume across Coinbase's offshore exchange raises the question of whether it can surpass leading cryptocurrency exchange Binance.
The competition between the two platforms might intensify, especially considering Coinbase's efforts to expand globally and capitalize on the increasing institutional interest in
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