As part of its ambitions to expand internationally, Coinbase (COIN) was granted a license to provide its services in Bermuda, the company revealed in a blog post on Wednesday.
The Bermuda Monetary Authority (BMA) granted the U.S. cryptocurrency exchange a Class F license, allowing it to operate as a digital asset exchange in Bermuda.
The announcement comes two days after Coinbase CEO Brian Armstrong stated that the U.S.-based exchange would contemplate leaving the country if clear crypto regulation is not enacted. In March, the exchange was reportedly in talks with institutional customers about establishing a cryptocurrency trading platform overseas.
It is currently unclear what services Coinbase will provide in Bermuda. According to a spokesperson, despite being pleased with the partnership with the BMA and having obtained the Class F License in a rigorous regulatory jurisdiction, there currently needs to be planning to offer services through this license.
Coinbase has announced its plans to expand internationally in an 8-week drive. In a recent blog post, the company highlighted its intention to increase its investments in the Canadian market. This includes hiring Lucas Matheson as the country director and signing a Pre-Registration Undertaking (PRU) as part of the process of becoming a registered exchange in Canada.
The move comes as Coinbase looks to grow its presence in North America further and expand its global customer base.