Coinbase gets Bermuda license, offshore exchange could launch next week: Report

It’s reported the U.S.-based crypto exchange is planning to quickly launch a derivatives exchange based in the island nation.

United States-based cryptocurrency exchange Coinbase has received a license to operate in Bermuda and it’s reportedly set to launch a derivatives exchange based there as soon as next week.

According to an April 19 blog post, Coinbase revealed it had “received our regulatory license to operate from the Bermuda Monetary Authority” — the nation’s financial regulator.

The license, a Class F License under the Digital Asset Business Act, allows Coinbase to conduct a range of activities such as token sales and issuance, and operate as both a digital asset exchange and as a digital asset derivatives exchange provider according to the Bermuda regulator.

An April 19 report from Forbes citing “a person close to the company” claimed Coinbase is planning to launch a derivatives exchange in Bermuda as soon as next week.

Related: Coinbase’s Base network gets OpenZeppelin security integration

The latest development is an update to Coinbase’s “go broad and go deep” campaign that sees it seeking to “establish regulated entities and local operations.”

It also shed light on its progress in Brazil, Canada, Singapore, Europe and the United Arab Emirates, adding:

“As we have said previously, our approach globally will be consistent with our approach in the United States: we will work with governments and regulators in different markets, and will always aim to be the most trusted and compliant crypto company in any market.”

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