American Nasdaq-listed cryptocurrency exchange Coinbase Global Inc, is prepared to take its products global as the digital currency world continues developing.
According to a recent blog post by the company’s co-founder and CEO, Brain Armstrong, the company plans to streamline its listing process while also introducing new goods to its clients.
According to Armstrong, the cryptocurrency ecosystem is rapidly evolving from the Bitcoin trading that the company began with when it was launched in 2012 to the point where new use cases are being offered.
To gain a competitive edge in the new crypto economy, the company said that its products that were previously only available in the United States, the United Kingdom, and Europe will soon be available to users worldwide.
“We invest a lot of effort into dealing with regulations in the United States, the United Kingdom, the European Union, and other countries, which has resulted in a lot of value for customers in these places, but it may also lead to products that are hyper-focused on the western world.
“We’re going to flip this approach on its head by shipping more products in international markets on day one, while still engaging with regulators in more established regions to verify our products comply with local rules,” Armstrong wrote in the blog post.
Coinbase’s CEO stated that the company will now lessen the burden on asset issuers in order to fully tap into the expanding ecosystem.
This, he explained, will be accomplished by lowering its legal review “from 70 questions to 12 questions that go to the heart of what most generates legal concerns.”
Coinbase will also push for the construction of a crypto app store to accommodate the growing number of DApps being released by developers.
The bitcoin ecosystem is rapidly moving from a place where digital currencies are traded to one where new use cases are being developed.
Non-fungible Tokens (NFTs), Decentralized Finance (DeFi), and the emergence of applications that bring crypto closer to solving real-world problems are all examples of these use cases.
Coinbase, as one of the first publicly traded crypto trading platforms, is attempting to seize control of emerging ideas in order to stay ahead of the competition.