Last week, Coinbase received approval to operate an offshore derivatives exchange, based in Bermuda.
This move makes a lot of sense, particularly when looking at Coinbase’s share of total spot volumes.
Since the start of 2022, Coinbase’s share of volumes has almost halved, falling from 10% to 5% while Binance gained as much as 30% market share over the same time period, before losing some in the last couple of weeks with their reintroduction of fees.
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