Coinbase’s non-US exchange achieved a significant milestone on February 20th, with daily trading volume exceeding $1 billion. This marked the first time that the international exchange reached this impressive volume mark. Coinbase CEO, Brian Armstrong, expressed his satisfaction with this achievement and highlighted the continuous growth of the platform.
As reported by Coinbase International Exchange, the 24-hour perpetual futures trading volume surpassed $1 billion in notional contract value. Live data indicates that the exchange witnessed $1.098 billion in perpetual trading volume, with Ethereum leading at $557.5 million, followed by Bitcoin at $425.9 million, and Solana at $50.6 million. Other listed assets showed considerably lower trading volumes.
In addition to perpetual trading, Coinbase International Exchange also offers a spot market. However, only Bitcoin and Ethereum were available for spot trading on February 20th, with a total spot trading volume of $12.4 million. This platform diversification aims to cater to different trading preferences and enhance the overall trading experience for users.
Coinbase launched its international exchange with a focus on institutional perpetual trading in May 2023. The platform later expanded its offerings to include spot trading in December of the same year. Despite the absence of retail trading options for now, the exchange has been successful in attracting institutional investors looking to engage in crypto derivatives trading.
Coinbase’s strategic approach aligns with the growing demand for cryptocurrency derivatives, which accounted for 75% of all trading volume in 2023. The exchange acknowledged the regulatory challenges in this market segment and positioned itself as a trusted and regulated service provider. The recent development of launching derivatives for eligible US retail traders through its subsidiary, Coinbase Financial Markets (CFM), further demonstrates the company’s commitment to expanding its product offerings and serving a broader customer base.
The remarkable achievement of surpassing $1 billion in daily trading volume underscores Coinbase International Exchange’s growth and prominence in the global cryptocurrency market. As the platform continues to enhance its services and expand its user base, it is poised to play a significant role in shaping the future of crypto trading. Moving forward, Coinbase remains dedicated to providing a secure and regulated trading environment for both institutional and retail investors alike.