Coinbase Announces Phase II of International Expansion Strategy
Crypto exchange Coinbase recently announced Phase II of its “Go Broad, Go Deep” strategy for international expansion. The exchange plans to focus on acquiring licenses, registering, and establishing and strengthening operations in markets that have clear regulatory frameworks. Coinbase’s near-term priority markets for this expansion phase include Europe (EU and UK), Canada, Brazil, Singapore, and Australia.
Coinbase stated that it is in the final stages of selecting the location for its MiCA hub in the EU. The exchange also aims to expand its products and services globally, establish partnerships and initiatives with banks, and work with G20 members and major financial hubs to create global standards for the crypto industry.
Coinbase Ventures Announces Initial Investments from Base Ecosystem Fund
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Coinbase Ventures, the investment arm of the exchange, has allocated its initial round of investments from the Base Ecosystem Fund. The fund has invested in six projects: Avantis, BSX, Onboard, OpenCover, Paragraph, and Truflation. Coinbase Ventures received over 800 applications for funding, but the investment amounts were not disclosed. The Base Ecosystem Fund was launched earlier this year to invest in onchain projects building on Coinbase’s Base network.
LBRY Appeals SEC Decision
Crypto startup LBRY has appealed a court decision that found it liable for violating Section 5 of the Securities Act of 1933 by failing to register with the US Securities and Exchange Commission (SEC). LBRY filed the appeal after the court granted the SEC’s motion for summary judgment, holding LBRY responsible for the violation.
Riot Platforms Receives $31.7 Million in Energy Credits from ERCOT
Bitcoin miner Riot Platforms announced that it received $31.7 million in energy credits from the Electric Reliability Council of Texas (ERCOT) last month. The credits were given to Riot Platforms in exchange for cutting its energy consumption. Riot Platforms reduced its power usage by over 95% during periods of peak demand, helping to stabilize the energy grid during extreme heat in Texas.
IMF and FSB Warn Against Total Crypto Bans
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have jointly warned against implementing total bans on cryptocurrencies. They argue that such bans would not be effective since cryptocurrencies operate cross-border. Instead, the organizations recommend implementing targeted restrictions, sound monetary policies, licensing crypto service providers, and adhering to the Financial Action Task Force’s anti-money laundering and counter-terrorist financing standards.
Finery Markets Announces Krish Chatterjee as Business Development Advisory Member
Finery Markets, an OTC multi-dealer electronic marketplace for crypto businesses and institutions, has appointed Krish Chatterjee as an advisory member for business development in the Asia-Pacific region (APAC). Chatterjee brings extensive experience in blockchain and sales strategies, having previously worked at Infinito Blockchain Labs and DTCO. He will provide mentorship to blockchain projects, leveraging his knowledge of tokenization and launch processes gained from working in the Web3 space.
In conclusion, Coinbase is continuing its international expansion efforts by focusing on markets with clear regulatory frameworks. Coinbase Ventures has made initial investments in several projects, LBRY is appealing a court decision regarding SEC registration, Riot Platforms has received energy credits for reducing its power usage, the IMF and FSB caution against total crypto bans, and Finery Markets has appointed Krish Chatterjee to its leadership team for business development in APAC. These developments highlight the ongoing growth and maturation of the cryptocurrency industry.
