Coinbase’s non-U.S. exchanges have recorded daily trading volume of more than $1 billion. February 20th.
Coinbase International Exchange wrote:
“In the last 24 hours, (our) perpetual futures volume has surpassed $1 billion in notional contract volume.”
Coinbase CEO Brian Armstrong said it was “the first time” that daily trading volume had surpassed $1 billion outside the U.S. and that the service was “continuing to grow.”
As of 8:15 PM UTC, Coinbase International Exchange’s 24-hour perpetual trading volume reached $1.098 billion, according to real-time data.
The amount included 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. Volumes on other listings are quite low.
Coinbase International Exchange also hosts a spot market, with 24-hour spot volume reaching $12.4 million. As of February 20th, spot trading is only available for Bitcoin and Ethereum.
The above data is separate from the company’s main US exchange, Coinbase.com, which reported spot trading volume of $3.2 billion on February 20th.
Derivatives Trading
Coinbase launched an international exchange focused on institutional perpetual trading in May 2023. The company further expanded the exchange’s services to include spot trading in December. According to its website, the international exchange does not currently allow retail trading.
News of the increase in trading volume comes just days after Coinbase reported earnings for the major U.S.-based exchange. The company did not report its finances on international exchanges, but commented on the overall market, noting that the cryptocurrency derivatives market accounted for 75% of total trading volume in 2023.
Coinbase added that the derivatives market is largely unregulated and that there is an opportunity to act as a trusted and regulated service provider in this space.
The exchange also said it will begin launching derivatives products for qualified U.S. retail traders through its subsidiary Coinbase Financial Markets (CFM) in late 2023.