Coinbase Expands Cryptocurrency Pairs Trading to 11 Countries Around the Globe
Coinbase has announced the expansion of its cryptocurrency trading pairs services to 11 more countries across Southeast Asia and South America. The San Francisco-based cryptocurrency exchange behemoth continues to increase it service delivery area in pursue of an aggressive expansion plan.
Coinbase Pursuing Rigorous Global Expansion
Coinbase announced the news via a post on its Medium account published on Wednesday. With this additional 11 countries, the exchange giant now offers crypto-to-crypto trading to 53 countries across the globe.
According to the announcement, the 11 countries newly added to the list span both Latin America and Southeast Asia. In recent times, both regions have become cryptocurrency trading hubs as the emerging asset class becomes more popular.
An excerpt from the report reads:
“Direct trading between cryptos is increasingly the new norm and in the last year has overtaken traditional fiat to crypto trading across the globe. Millions of Coinbase customers can now securely and quickly trade between different cryptos and send crypto off-platform at their convenience.”
Apart from onboarding customers from more countries, Coinbase has also been busy adding more supported cryptocurrencies. In 2019 alone, the exchange has listed XRP, Litecoin (LTC), EOS, Augur (REP), and Maker (MKR) to mention a few.
Coinbase Probably Earned $520 Million Revenue in 2018
According to a Reuters report released on Thursday (April 18, 2019), Coinbase U.K. earned $173 million as revenue for 2018. Estimates from the company itself put the U.K. arm of Coinbase as contributing one-third of the entire firm’s revenue.
If such an estimate is accurate, then the exchange giant probably earned more than half a billion dollars in revenue for the whole of 2018. This earnings report is particularly significant given the poor performance of cryptocurrencies in 2018.
On average, prices fell by more than 80 percent during the bear market run of 2018. Three of the four biggest platforms in South Korea also reported major losses for 2018.
For Coinbase U.K., there appears to be the potential for more growth as the company strives to gain a foothold outside the North American cryptocurrency trading market. Earlier in April, Coinbase launched a Visa-powered cryptocurrency debit card for U.K. customers.
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