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Ethereum, Bitcoin Surge Pushes Coinbase International Past $1B Volume

by Sham
February 20, 2024
in Business, Crypto
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Ethereum, Bitcoin Surge Pushes Coinbase International Past $1B Volume
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  • Coinbase’s international exchange platform hit $1 billion in daily trading volume for the first time, showing impressive growth.
  • The milestone comes as Coinbase focuses on serving institutional perpetual traders outside the US, amid rising crypto derivatives volume.
  • With the international arm setting records and Coinbase expanding derivatives offerings in the US, it is poised to benefit from surging demand for crypto derivatives trading.

Coinbase’s non-US exchange platform has hit a significant daily trading volume for the first time, highlighting impressive growth.

JUST IN: Coinbase's non-US exchange surpasses $1 billion in daily trading volume for the first time 🚀

— BlockNews.com (@blocknewsdotcom) February 20, 2024

Trading Volume Tops $1 Billion

Coinbase’s International Exchange saw over $1 billion in notional contract volume traded in the last 24 hours, according to an announcement from the platform. CEO Brian Armstrong noted this was the first time the non-US unit surpassed $1 billion daily, showing continued expansion.

As of 8:15 pm UTC, the exchange saw $1.098 billion in 24-hour perpetual trading volume. This includes $557.5 million in Ethereum perpetual volume, $425.9 million in Bitcoin perpetual volume, and $50.6 million in Solana perpetual volume.

Institutional Focus Fuels Growth

Coinbase launched its international exchange in May 2022 with a focus on serving institutional perpetual traders outside the US. It later added spot trading in December. The platform currently does not allow retail trading.

The exchange noted rising derivatives volume comes as this market accounted for 75% of all crypto trading volume in 2022. As a regulated entity, Coinbase sees an opportunity to provide trusted derivatives services amid mostly unregulated competitors.

Coinbase also began rolling out derivatives to eligible US retail customers last year, further expanding its offerings.

The Growth Runway Ahead

With the international arm hitting new records and the firm continuing to broaden its derivatives scope, Coinbase is positioned to capitalize on surging institutional and retail demand for crypto derivatives trading.

Tags: BitcoinBrian ArmstrongCoinbasecryptoethereum
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