The leading cryptocurrency exchange Coinbase announced the launch of a Bermuda-based marketplace that will serve non-US institutional users, according to a recent report. 

The company has been eyeing other countries to relocate recently due to the regulatory hurdles in America. CEO Brian Armstrong held discussions with the authorities of Britain in April, suggesting that the UK could also become an expansion target for Coinbase.

Disappointed in the US 

Coinbase – the only publicly listed crypto exchange – has recently been on a mission to roll out its operations outside the US because of the regulatory uncertainty that remains a concern in the country. It obtained approval from the Bermuda Monetary Authority in April and displayed intentions to establish an offshore derivatives marketplace in the region in the following days.

According to a recent press release seen by Forbes, Coinbase International Exchange is already on and is available to non-American institutional clients. They could trade bitcoin and ether perpetual futures while all transactions will be settled in USDC. The option allows users to speculate on the price movements of the biggest cryptocurrencies by market capitalization without actually owning them.

While Coinbase assured it remains committed to the US, it outlined that other countries have recognized the potential of the industry and imposed pertinent ru