An update to Coinbase’s global scale to go broad and deep

More than halfway through our 8–week international expansion drive we wanted to give you an update on how we are progressing. As a global company, we’re working hard to help update the financial system by building trusted products that expand the utility and adoption of crypto because we believe crypto and blockchain technology have the ability to increase economic freedom and opportunity around the world. Coinbase is focused on international growth and is working with several high-bar international regulators to establish regulated entities abroad that safely facilitate trading solutions and provide products the crypto community demands. 

We have been working to expand our footprint and bring the most trusted and secure trading platform in crypto to a broader global audience through our Go Broad & Go Deep strategy. Coinbase will continue to launch foundational products that are a gateway to Web3 and crypto across the globe while launching localized infrastructure and public facing products with a full suite of services.

What we’ve been up to:

• Building more convenient ways for our customers in Singapore to access the cryptoeconomy

  • From Singpass to free bank transfers, we have launched a seamless, safe, and convenient experience for retail customers in Singapore. We have upgraded our retail platform, in addition to our new strategic banking partnership with Standard Chartered that will provide our customers with a seamless, safe, and convenient experience when trading digital assets.

• Launched our full crypto experience in Brazil

  • We have made it even easier for people in Brazil to access the cryptoeconomy and benefit from increased financial freedom. We've integrated Pix for easy account top-up using Brazilian Reals, localized our app with 24/7 email support, partnered with EBANX, and streamlined the user onboarding process. With our Country Director Fabio Plein expanding his role as Regional Managing Director, we aim to bring economic freedom to even more Brazilians through the cryptoeconomy and further strengthen our regional commitment to the Americas.

• Took steps to further our commitment to the Canadian market

  • To kick off our efforts in Canada, we have hired Lucas Matheson as our new Country Director. In addition we are investing significant resources in local Canadian innovation, including building out a tech hub with more than 200 engineers to support our global product portfolio, and on Friday, March 24th, Coinbase Canada signed an enhanced Pre-Registration Undertaking (PRU) as we continue to work with policymakers on a strong crypto regulatory framework for Canadians.

• Accelerating our UAE plans with Abu Dhabi Global Market regulator

  • We are in discussion with the Financial Services Regulatory Authority (FSRA) in Abu Dhabi Global Market (ADGM) regarding a potential license for a regulated exchange. ADGM is a renowned international financial services center. ADGM is known for having a well-regarded, comprehensive regulatory framework and is committed to operating a fair and efficient regulatory environment for global market participants. ADGM has developed and supported the regulation and trading of cryptocurrencies and Coinbase intends to help further their vision. 

• Received our regulatory license to operate from the Bermuda Monetary Authority

  • Coinbase Bermuda Ltd. has obtained a Class F License under the Digital Asset Business Act from the Bermuda Monetary Authority (BMA). Bermuda was one of the first financial centers to pass comprehensive digital assets regulation in 2018, and its regulatory environment is long known for a high level of rigor, transparency, compliance, and cooperation. Bermuda was chosen as one of our international hubs as the BMA is a highly respected and experienced financial regulator that is led by a world-class executive team and board of directors. The BMA is also a member of several international organizations and maintains close relationships with other regulatory agencies around the world. 

• Doubling down in Europe

  • Members of our executive team, including our CEO, Brian Armstrong, were in London this week for UK Fintech Week. The UK is one of our fastest growing user markets, and our research shows that some 22% of UK adults currently own cryptocurrency. Brian spoke at the pre-eminent industry conference with George Osborne, former Chancellor of the Exchequer, about the impressive leadership the UK is showing in creating a welcoming regulatory environment. The political establishment is very focused on harnessing the potential of the cryptoeconomy, and the welcome the team received laid this ambition bare. Meetings with the Economic Secretary and City Minister, Andrew Griffith, as well as the Bank of England and Financial Conduct Authority, amongst others, were highly encouraging. While in London, Brian also took time to engage with local media to discuss Coinbase’s vision for how the UK can cement its place as an innovation hub for the Web3 economy.

  • The European Parliament’s adoption of MiCA this week is also a pivotal moment for crypto in the region, and the work of European policymakers should be held up as an example. MiCA is a comprehensive regulatory framework - the first of its kind - and will provide clarity to crypto firms operating across the 27 EU member states. The region truly is recognising the potential and societal promise that emerging technology can provide. 

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. We will continue to work with global regulators to develop additional solutions and products with a focus on customer protection and security. Working with global regulators is key to the Coinbase mission, as we continue to increase economic freedom in the world. As the most transparent and trustworthy centralized exchange, Coinbase will help bring the next billion users into the cryptoeconomy. 

At Coinbase, we’re working hard to help update the financial system by building trusted products that expand the utility and adoption of crypto because we believe crypto and blockchain technology have the ability to increase economic freedom and opportunity around the world. Coinbase chose to become a public company in the US because we believe the US would best be served by embracing this fundamental innovation, but we’re also focused on international markets, many of which are moving forward with strategies to become “crypto hubs.” We would like to see the US take a similar approach, but a regulation by enforcement approach in the US is instead leading to a disappointing trend for crypto development in the US.

Safe Harbor Statement: This blog post contains forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements regarding announcements and launches in international markets. Risks that contribute to the uncertain nature of the forward-looking statements include, among others, risks and uncertainties relating to Coinbase Global, Inc. (the “Company”) listed or described from time to time in the Company’s filings with the Securities and Exchange Commission (the SEC), including the Company’s most recent Annual Report on Form 10-K or 10-Q, which is on file with the SEC. All forward-looking statements are based on information and estimates available to the Company at the time of this blog post. Except as required by law, the Company assumes no obligation to update any of the statements in this blog post.