Coinbase, the San Francisco-based cryptocurrency exchange, recently announced the launch of a new service called Coinbase International Exchange. The new platform will enable institutional users outside of the United States to trade bitcoin and ethereum perpetual futures. The company stated in a tweet that the service will begin by offering perpetual futures settled in USDC with up to 5x leverage to institutional clients in eligible jurisdictions.

Coinbase Reveals Bitcoin and Ethereum Perpetual Futures Settled in USDC With up to 5x Leverage

The launch of Coinbase International Exchange follows the company’s approval to operate its digital currency operations in Bermuda, which was granted by the Bermuda Monetary Authority (BMA).

In a blog post, Coinbase noted that “building out a global perpetual futures exchange for digital assets will help support an updating of the financial system by making Coinbase’s trusted products and services more accessible to users of digital assets who live outside of the [United States].”

Coinbase added:

As more and more markets are moving forward with regulatory frameworks to become crypto hubs, we believe the moment is right to launch this international exchange.

The company insists that the Coinbase International Exchange provides a “liquidation framework that meets rigorous compliance standards” and will include real-time 24/7 trading and liquidity provided by external market makers.

The announcement comes after Coinbase received a Wells notice from the U.S. Securities and Exchange Commission (SEC) for potential violations. Following the notice, Coinbase filed an action suit against the SEC for lack of regulatory clarity and also shared its Wells response with the public shortly after.

Coinbase notes that while other jurisdictions are moving forward with crypto-forward regulatory frameworks, it would like to see the United States take a similar approach instead of regulation by enforcement, which has led to a disappointing trend for crypto development in the country.