In a significant move for the cryptocurrency sector, Coinbase is now collaborating with 145 U.S. government agencies and 29 international organizations. This development comes at a time when regulatory scrutiny in the cryptocurrency space is intensifying. Coinbase’s CEO, Brian Armstrong, announced this strategic partnership in a post on X, emphasizing that the launch of the U.S. Strategic Bitcoin Reserve has led to a surge in institutional interest in the digital currency market.
Coinbase’s aim is straightforward: to assist government entities in safely trading, storing, and utilizing digital assets. Armstrong further invited government institutions to leverage Coinbase’s comprehensive suite of crypto-related services. The exchange’s robust security framework, coupled with compliance measures, makes it a preferred partner for various agencies.
- 43 money transmitter licenses in the U.S.
- BitLicense in New York
- Registered in major markets globally including Europe, Singapore, Canada, and the UK
With nearly 12% of the world’s crypto assets safeguarded on its platform, Coinbase stands out as a custodian of choice for major financial institutions that are venturing into spot crypto exchange-traded funds. In light of rising institutional demand, Armstrong hinted at expanding Coinbase’s workforce by 1,000 new employees by 2025, bolstered by increasing regulatory clarity coming from the U.S. government.
In a related update, Coinbase announced the delisting of Floki (FLOKI), TURBO, and GIGA for users in New York. The decision was made after the exchange conducted a routine review which determined that these cryptocurrencies no longer met Coinbase’s stringent listing standards. Trading for these assets is set to conclude on April 14 at 2 PM ET. On the same day, Coinbase will also introduce Aethir (ATH).
This wave of changes signifies Coinbase’s commitment to maintain high compliance standards while fostering a secure environment for cryptocurrency trading. As governmental interest continues to grow, Coinbase is poised to be at the forefront, providing essential services and facilitating a smoother transition into regulatory compliance for both itself and its partners.
