Specifically, Coinbase is set to introduce a digital asset lending platform targeted at large institutional investors, according to a company representative who spoke with Reuters. The launch of Coinbase's crypto-lending platform has been backed by a total of USD 57 million in funding, as detailed in a regulatory filing.
In recent developments within the cryptocurrency sector, characterised by prior high-profile setbacks, optimism emerged following a ruling by a three-judge panel. The panel determined that the Securities and Exchange Commission (SEC) had erred in its refusal to approve Grayscale's proposed bitcoin ETF, citing a lack of explanatory rationale.
In the preceding month, Coinbase achieved regulatory clearance to offer cryptocurrency futures to retail customers in the United States, marking a significant regulatory milestone.
In September 2023, Coinbase extended its Travel Rule Universal Solution Technology (TRUST) to the United Kingdom. This move signifies the ongoing expansion of TRUST, a collaborative industry effort designed to enhance compliance with the Travel Rule mandate while upholding customer security and privacy.
Initially introduced in the United States at the beginning of 2022, TRUST has steadily broadened its scope, now encompassing Canada, Singapore, and Europe. The recent development entails the inclusion of several notable virtual asset service providers (VASPs) from the UK into the TRUST network. This includes Baanx, Coinpass, Fidelity Digital UK, Gemini UK, Kraken UK, Paysafe/Skrill, and Revolut. This expansion aligns with the anticipated Travel Rule requirements for VASPs in the UK, further reinforcing TRUST's international coalition, with ongoing growth expected in the coming year.
In August 2023, Coinbase joined forces with PayPal to enable users in Germany and the UK to effortlessly purchase and withdraw cryptocurrencies. Through this partnership, users received access to a convenient means of acquiring cryptocurrencies using their debit cards and bank accounts linked to PayPal. Coinbase's objective was to simplify the cryptocurrency acquisition process, making it as straightforward as a typical purchase. Traditional financial methods like wire transfers can occasionally introduce delays, which this collaboration seeked to circumvent.
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