Coinbase, the prominent cryptocurrency platform, has secured a significant advancement in its international outreach. The Spanish Central Bank has formally sanctioned Coinbase as a cryptocurrency trading platform and a custodial wallet service. This development aligns with Coinbase’s aggressive “Go Broad, Go Deep” global expansion approach, with a particular focus on their Phase II objectives in Spain.
Furthermore, on September 23rd, Coinbase disseminated this news via a blog post. As a result, the crypto behemoth is now equipped to serve both individual and corporate clients in Spain. This endorsement facilitates the conversion of cryptocurrencies to traditional currency, trading cryptocurrencies, and even using one crypto as collateral for another.
Nana Murugesan, the Vice President of International and Business Development at Coinbase, conveyed her excitement, remarking, “We’re thrilled to publicize our formal affiliation with the Spanish Central Bank. The worldwide audience is progressively rallying behind the crypto sector.”
In addition, a study by Bitnovo underscored the escalating traction of cryptocurrency in Spain. Notably, it unveiled that crypto ranks as Spain’s second-favored transaction method. A remarkable 61.3% of the Spanish populace is predisposed to venture into cryptocurrency, with 35% contemplating its use for acquisitions.
Yet, Spain is merely one of several European territories where Coinbase has established its presence. The firm is also acknowledged as a VASP in countries like the Netherlands, Italy, and Ireland. Beyond Europe, Coinbase is making significant inroads globally, with preliminary approvals in nations like Canada, Singapore, and Brazil.
The MiCA emerges as a watershed event for the crypto domain in the broader European Union framework. The sector appreciates the regulatory transparency that MiCA introduces. As such, this groundbreaking tech’s potential is earning recognition from legislative bodies.
Coinbase is mulling over acquiring FTX Europe to fortify its European derivatives segment. Additionally, due to the evolving regulatory milieu in the U.S., other industry titans like Ripple and Galaxy Digital are weighing expansion into Europe. Mike Novogratz’s Galaxy Digital recently disclosed its intentions to amplify its European ventures. Concurrently, Ripple’s Chief Executive, Brad Garlinghouse, has divulged European recruitment strategies.
Conversely, in the U.S., Coinbase is grappling with the Securities and Exchange Commission concerning crypto regulations and clarity.