Coinbase, the leading cryptocurrency exchange in the United States, is setting its sights on global expansion, signaling a shift away from its home market amid evolving regulatory dynamics. Tom Duff Gordon, the company’s Vice President for International Policy, shed light on this strategic pivot during the Zebu Live 2023 conference held in London.
Gordon emphasized Coinbase’s commitment to expanding the cryptocurrency ecosystem, expressing a vision to onboard a billion people into the world of crypto, aligning with the ethos of economic freedom. He underscored the growing importance of international scaling, particularly in light of the regulatory landscape in the United States.
Last year, Coinbase introduced its “Go Broad, Go Deep” strategy for international markets, a well-planned initiative that has yielded positive results. As a result of this strategy, Coinbase has achieved registration as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain, and it has also obtained the Major Payment Institution (MPI) license from The Monetary Authority of Singapore (MAS).
Coinbase is now wholeheartedly embracing an “international-first mentality,” a paradigm shift in its approach to expansion. In addition to its registrations in Ireland, Germany, and the Netherlands, Coinbase has also obtained a license from the Bermuda Monetary Authority (BMA) to establish a derivatives exchange in the British overseas territory of Bermuda.
Tom Duff Gordon highlighted Singapore as a pivotal market, noting that it serves as a key hub for the company, with the MAS displaying a progressive stance on cryptocurrency regulation. He emphasized the dynamic developments taking place in the South East Asia region.
Currently, Coinbase operates in approximately 10 markets outside the United States, with the United Kingdom at the forefront of its international endeavors. Other key markets in this expansion strategy include Brazil, Canada, and Australia.
This international-first approach by Coinbase underscores its commitment to providing access to cryptocurrency and fostering economic freedom on a global scale, positioning itself as a major player in the ever-evolving world of digital assets.