The global ambitions of Coinbase continue to unfold with the announcement of Phase II of its “Go Broad, Go Deep” drive for global expansion. With a strategy built on acquiring licenses, establishing operations and enhancing its market presence in countries offering clear regulatory guidelines, the exchange is eyeing opportunities in markets like Europe, Canada, Brazil, Singapore, and Australia. Global product expansion and forging new partnerships with banks form some of the cardinal elements of their strategy.
On the investment front, six projects have caught the attention of Coinbase ventures, bagging their initial series of investments from the Base Ecosystem Fund. These projects are Avantis, BSX, Onboard, OpenCover, Paragraph, and Truflation. While the investment totals have been kept under wraps, it’s interesting to note that the fund was launched with the motive of fostering onchain projects building on Coinbase’s Base network.
Building on the legal front, crypto startup LBRY has set the legal arena abuzz with its appeal against a court ruling that slapped it with the charge of not registering with the US Securities and Exchange Commission (SEC).
On another note, Bitcoin miner Riot Platforms is making waves in the energy sector with its strategy of curbing power consumption during periods of high electricity demand. The strategy seems to be paying as Electric Reliability Council of Texas (ERCOT) offered a cool $31.7 million in energy credits to the company.
The regulatory space is seeing significant movement too. Both the International Monetary Fund (IMF) and the Financial Stability Board (FSB) have issued warnings against blanket crypto bans while recommending targeted restrictions, sound monetary policies, and licensing crypto service providers.
Meanwhile, the recruitment carousel continues to spin as Finery Markets appoints Krish Chatterjee for business development in the Asia-Pacific region. With blockchain experience in his quiver, Chatterjee is expected to serve as a mentor to blockchain projects, sharing his vast knowledge of tokenization and launching processes gained from working in the Web3 space.
The takeaway? The world of crypto is front-loaded with opportunities and challenges alike. As monetary authorities ponder effective management techniques and businesses crack the code of global expansion, it seems the crypto journey is just getting started.
Source: Cryptonews
