- Coinbase is launching retail trading of cryptocurrencies like bitcoin and ether in 85 countries outside the U.S., after previously only offering these services to institutions.
- This worldwide retail crypto trading launch marks a key expansion for Coinbase beyond the U.S. market as global crypto adoption grows.
- However, Coinbase still needs regulatory approval in some markets and faces hurdles as it expands. The crypto bear market has also hurt its stock price and revenues.
Previously Only Available to Institutions
The feature will initially launch for institutional investors but will be rolled out for retail investors in the coming months, the exchange said.
Coinbase has been offering custody, trading and other crypto services to institutional clients in Europe since 2018 but has thus far refrained from offering retail access – unlike competitors such as Binance that have offered crypto spot and derivatives trading worldwide for years.
Expansion Beyond U.S.
“With the launch of retail trading outside the U.S., we have completed the foundational phase of our international expansion and are now focused on launching local-to-local trading, additional funding and withdrawal options, and local language support,” Coinbase said in a blog post.
Regulatory Approval Still Needed in Some Markets
The firm said trading will go live only “where we have received regulatory approval.” Coinbase has had to navigate complex regulations as it expands into new markets. The company withdrew applications for licenses in Japan and Singapore last year.
Coinbase said it has more than 150 million verified users and over $278 billion in assets on its platform. Its shares are down nearly 80% this year amid the crypto market crash.
The launch of retail crypto trading worldwide marks a significant milestone for Coinbase as it seeks to expand beyond the U.S. However, the company still faces regulatory hurdles in many markets. The crypto bear market has also impacted its stock price and revenues. But the long-term growth prospects for the crypto industry remain strong as adoption increases globally.