Coinbase International nears $900 million in volume over eight days
TL;DR Coinbase is already clocking in about $100 million in volumes on a daily basis since launching its offshore crypto derivatives platform in May. Over the period of June 21 to June 28, the exchange clocked in nearly $900 million in trading volumes. Binance still leads the market with its $444 billion traded this month.
Coinbase, which gate-crashed the offshore crypto derivatives market in May, is already clocking in about $100 million in volumes on a daily basis, according to data compiled by The Block.
Over the period of June 21 to June 28, the exchange clocked in nearly $900 million in trading volumes. Sources at the firm tell The Block that the market reception has been positive and volumes are strong for a venue with only two contracts to trade.
The firm, which is being sued by the US Securities and Exchange Commission, said in May that it would enable international users to trade perpetual futures tied to bitcoin and ether through a new platform based in Bermuda. Volumes came in at $73 million on Wednesday — the lowest level over the past eight days. During that period the firm saw $892 million worth of crypto derivatives traded.
"Coinbase International Exchange is off to a strong start since launching in early May," noted Emmanuel Goh, product manager at Coinbase and former Skew CEO, in an email to The Block.
"We are working to bring new features and additional products to market over the second part of the year and continue growing our market share," he added