Coinbase International, the exchange giant catering to investors outside the US, shattered its daily trading volume record on February 20th, hitting a staggering $1 billion for the first time.
But is this a champagne-popping moment or a harbinger of things to come?
On Feb. 20, 2024, the exchange reported over $1 billion in daily trading volume for its perpetual futures contracts, a type of derivative that allows traders to bet on the future price movements of cryptocurrencies.
This is the first time that Coinbase International Exchange has surpassed the $1 billion mark in daily volume, according to a tweet from the exchange.
Coinbase CEO Brian Armstrong congratulated the team on this achievement, saying that it was the “first time” the non-US unit reached this level.
Coinbase International Exchange, formerly known as Coinbase Pro International, is a separate entity from Coinbase’s US-based platform, which operates under different regulatory frameworks and offers different products and services.
The international exchange, registered in the Cayman Islands, launched in August 2023 to provide more liquidity and access to the global crypto market.
One of the main features of Coinbase International Exchange is its perpetual futures trading, which allows users to trade up to 100x leverage on various crypto assets, such as Bitcoin, Ethereum, and Litecoin.
According to a report by The Block Research, the global crypto derivatives market reached $2.7 trillion in trading volume in 2023, accounting for 55% of the total crypto market.
The report also noted that Coinbase International Exchange ranked among the top 10 crypto derivatives exchanges in monthly volume in December 2023.
This achievement also comes when Coinbase is facing increased competition and regulatory scrutiny in the US market.
The exchange recently announced that it would delist XRP, the fourth-largest cryptocurrency by market cap, from its US platform, following a lawsuit filed by the Securities and Exchange Commission (SEC) against Ripple, the company behind XRP.
