Cryptocurrency exchange launches in six new markets

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Coinbase has launched its cryptocurrency trading platform in more markets as the firm plans an “aggressive” international push next year.

The company said Thursday it had expanded its product to several European countries and overseas territories, including Lithuania, Iceland, Andorra, Gibraltar, Guernsey and the Isle of Man.

Zeeshan Feroz, Coinbase’s U.K. CEO, said the firm looks for markets that are “close to or within jurisdictions that we operate in today” when it decides on new expansions. The company recently opened a new office in Dublin, as part of a contingency plan to continue to have access to the bloc post-Brexit.

Some of the markets Coinbase is expanding into are becoming increasingly popular destinations for cryptocurrency and blockchain-related start-ups.

Gibraltar, for instance, has a domestic licensing process for such firms to become registered blockchain technology providers. Iceland, meanwhile, has become a popular hub for so-called cryptocurrency mining — an electricity-intensive process that keeps the underlying blockchain network ticking — due to an abundance of renewable energy.

“I think you can expect a more aggressive approach to us adding more countries in the coming months,” Feroz said. “Much of what we’re doing here is driven by customer needs and what we’re seeing in the market.”

2018-12-20 20:00:00

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