Coinbase’s non-US exchange saw over $1 billion in daily trading volume on Feb. 20.
Coinbase International Exchange wrote:
“In the last 24 hours [our] perpetual futures surpassed $1 billion in notional contract volume traded.”
Coinbase CEO Brian Armstrong commented that it was the “first time” the non-US unit surpassed the $1 billion daily volume mark and noted that the service “continues to grow.”
Live data indicates that, as of 8:15 pm UTC, Coinbase International Exchange saw $1.098 billion in 24-hour perpetual trading volume.
The amount includes an Ethereum (ETH) perpetual trading volume of $557.5 million, Bitcoin (BTC) perpetual trading volume of $425.9 million, and Solana (SOL) perpetual trading volume of $50.6 million. Other listings have considerably lower trading volumes.
Coinbase International Exchange additionally hosts a spot market, which saw $12.4 million in 24-hour spot trading volume. Only Bitcoin and Ethereum are available for spot trading as of Feb. 20.
The above data is separate from the company’s main US exchange at Coinbase.com, which reported $3.2 billion in spot trading volume on Feb. 20.
Derivatives trading
Coinbase launched its international exchange with a focus on institutional perpetual trading in May 2023. The company further extended the exchange’s offerings to include spot trading in December. According to its website, the international exchange does not allow retail trading for now.
News of rising volumes comes days after Coinbase reported earnings for its main, US-based exchange. Though the firm did not report finances for its international exchange, it commented on the market in general, noting that crypto derivatives market made up 75% of all trading volume in 2023.
Coinbase added that the derivatives market is largely unregulated, and there is an opportunity for it to act as a trusted and regulated service provider in this domain.
The exchange further noted that it began to launch derivatives for eligible US retail traders through a subsidiary, Coinbase Financial Markets (CFM), in late 2023.
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- Source: https://cryptoslate.com/coinbase-international-exchange-hits-1-billion-in-daily-trading-volume/
