Coinbase, one of the leading cryptocurrency exchanges, has taken a significant step towards expanding its cryptocurrency services in Spain.
As per a blog post, Coinbase proudly revealed that it has moved a step closer to the “Go Broad, Go Deep” strategy for international expansion by officially registering as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain.
Coinbase Expands Services in Spain
Notably, this strategic move opens the door for the exchange to offer a comprehensive range of products and services to retail and institutional users within the Spanish market while adhering to the country’s regulatory framework. By securing registration with the Bank of Spain, Coinbase has demonstrated its commitment to operating within the regulatory framework set by financial institutions.
This approach not only safeguards the interests of its customers but also promotes trust and credibility in the cryptocurrency industry. For Spanish users, Coinbase’s presence in the country will enable users to trade, invest, and store cryptocurrencies securely and conveniently. Also, retail investors can look forward to a user-friendly platform that simplifies the process of buying, selling, and managing cryptocurrencies.
On the other hand, institutional users, such as financial institutions and businesses, will gain access to Coinbase’s institutional-grade services. This includes advanced trading options, secure custody solutions, and access to Coinbase’s liquidity pools. These services cater to the unique needs and requirements of larger entities looking to participate in the cryptocurrency market.
Undoubtedly, this move not only showcases Coinbase’s dedication to compliance but also helps instill trust and confidence among its users and the wider cryptocurrency community.
Coinbase Pushes for Global Prominence
Recall that the US-based crypto exchange previously said its push toward an offshore derivatives exchange is part of its strategy to be globally known internationally across six continents. Also, Coinbase has been granted a regulatory license in Bermuda to launch an offshore derivative exchange.
Meanwhile, the company said it has upgraded its retail platform for its Singaporean customers, launched full crypto services in Brazil, and is seeking a regulatory license in Abu Dhabi. Also, the exchange has been awarded a license to offer its services to several countries including Italy, Canada, and many more.
Crypto Adoption in Spain
A survey conducted by Statista revealed that 16% of Spaniards owned cryptocurrency in 2022, a significant increase compared to previous years. Additionally, last year, Spain became the third-largest crypto ATM hub displacing El Salvador to clinch the position.