Coinbase has launched its crypto services for retail and wall street investors in new markets. The firm aims to offer its services all over the world this year. Yesterday, the firm announced that it had expanded into 11 Latin American, Asian, and overseas countries.
These countries are Argentina, Mexico, Peru, Colombia, Chile, India, Hong Kong, South Korea, Indonesia, New Zealand, and the Philippines.
Some of the above countries are common among crypto and blockchain-based firms. For instance, have a local licensing process that allows crypto companies such as exchanges to register with regulators.
In a blog post, Coinbase said,
One year ago, Coinbase served customers in 32 countries across two continents. Over the past 12 months, one of our main priorities has been to bring Coinbase services to people in all corners of the globe.
Coinbase Won’t Offer the Newly Added Countries Crypto-to-fiat Services
The firm will not offer its new customers crypto-to-fiat conversions. According to a blog post,
Direct trading between cryptos is increasingly the new norm and in the last year has overtaken traditional fiat to crypto trading across the globe. Millions of Coinbase customers can now securely and quickly trade between different cryptos and send crypto off-platform at their convenience.
Coinbase added that crypto-to-crypto transactions would play a big role in strengthening the crypto economy. This expansion has seen the number of countries that Coinbase operates from increase to 53. These countries are spread across four continents.
This expansion puts Coinbase in a position to compete with Binance, the leading crypto exchange regarding trading volume.
Over the past few months, Coinbase has been coming up with services that make it easier for the general public to understand how cryptocurrencies work. The exchange seeks to make crypto mainstream through these initiatives. Last week, the exchange launched a new Visa debit card in the UK.
The card is designed to let users buy or withdraw crypto from their bank accounts directly. The California-based crypto exchange launched this card in partnership with PaysafeFinancial Services Limited. According to Coinbase, the card will work hand in hand with a related app named “Coinbase card app.” This app would let the card’s users select the cryptocurrency they want to use.
Do you think Coinbase’s expansion will help it become the top crypto exchange? Let us know in the comments below.