Coinbase’s non-US exchange achieved a significant milestone on Feb. 20, surpassing $1 billion in daily trading volume. The exchange, known as Coinbase International Exchange, announced that their perpetual futures trading had reached this remarkable mark within a 24-hour period. This achievement was lauded by Coinbase CEO Brian Armstrong, who highlighted that it was the first time the non-US unit had achieved such a feat and emphasized that the platform’s growth trajectory remains strong.
Live data revealed that, as of 8:15 pm UTC, Coinbase International Exchange recorded $1.098 billion in 24-hour perpetual trading volume. The majority of this volume came from Ethereum (ETH) perpetual trading at $557.5 million, followed by Bitcoin (BTC) perpetual trading at $425.9 million, and Solana (SOL) perpetual trading at $50.6 million. Notably, other listed assets on the exchange exhibited significantly lower trading volumes. In addition to perpetual futures trading, Coinbase International Exchange also hosts a spot market which saw $12.4 million in 24-hour spot trading volume. However, only Bitcoin and Ethereum were available for spot trading as of Feb. 20.
Coinbase introduced its international exchange in May 2023, primarily focusing on institutional perpetual trading. The exchange later expanded its offerings to include spot trading in December of the same year. Despite the platform’s continuous growth and success, retail trading is currently not permitted on the international exchange. This strategic decision aligns with Coinbase’s objective of catering to institutional clients and maintaining a niche market focus on professional traders.
The surge in trading volumes on Coinbase’s International Exchange comes in the wake of the company’s recent earnings report for its US-based exchange. While specific financial figures for the international exchange were not disclosed, Coinbase highlighted the dominance of the crypto derivatives market, accounting for 75% of all trading volume in 2023. The company emphasized the lack of regulation in the derivatives market and positioned itself as a trustworthy and compliant service provider within this sector. Coinbase further signaled its commitment to expanding derivatives offerings to eligible US retail traders through its subsidiary, Coinbase Financial Markets (CFM), in late 2023.
Overall, the exponential growth in trading volumes on Coinbase’s non-US exchange underscores the platform’s position as a significant player in the global cryptocurrency market. With a focus on institutional trading, innovative product offerings, and a commitment to regulatory compliance, Coinbase continues to shape the future of digital asset trading on a global scale.