Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration
(Reuters) -Coinbase will start offering spot crypto trading services on its international exchange from Thursday, the company said, as it expands beyond the U.S.
Spot trading on the international exchange, currently geared toward derivatives, will roll out in phases, starting with bitcoin and ether against USDC stablecoin from Dec. 14 for institutional clients, the company said in a blog post.
Bloomberg News first reported the development.
“The timing of the announcement is prudent,” CFRA Research analyst Michael Elliott said.
Coinbase “should be able to utilize the launch to gain experience and gauge demand for spot products.. potentially benefiting COIN long-term as they eventually look for U.S. approval.”
Bitcoin has more than doubled in value this year to hit a 20-month high last week as anticipation of a spot bitcoin exchange traded fund improved trader sentiment and revived broader trading volume.
Coinbase’s shares, up fourfold so far this year, edged 0.5% higher on Wednesday.
In June, the U.S. Securities and Exchange Commission sued Coinbase for allegedly selling unregistered securities, which the company has denied. The lawsuit is part of a broader U.S. crackdown on the industry following some high-profile collapses including FTX.
(Reporting by Medha Singh in Bengaluru; Editing by Shounak Dasgupta and Sriraj Kalluvila)
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