Coinbase Global, Inc (NASDAQ: COIN) shares are trading lower Monday as it weighs the United Arab Emirates as a global hub. According to Coinbase's customer support, “Our systems currently do not support deposits to Coinbase ETH addresses from external validators…” This statement has caused some concern among investors, but the company is still exploring expansion in the Middle East. Coinbase CEO Brian Armstrong has expressed interest in the UAE as a hub for the region, citing the country's favorable regulatory environment.
Yahoo Finance's Rachelle Akuffo details several headlines emerging from the crypto space, including Binance's bitcoin withdrawals resuming, and the SEC's ongoing investigation into former Coinbase product manager Ishan Wahi. However, the focus remains on Coinbase's potential expansion into the United Arab Emirates. The country has been an attractive destination for tech companies looking to expand into the Middle East and North Africa (MENA) region.
Amid the Bitcoin mempool bursting with unconfirmed transactions, some crypto exchanges are coming around to the idea of implementing layer-two scaling solutions. Coinbase, for example, has recently announced its support for Polygon (MATIC), a layer-two scaling solution built on Ethereum. This move is part of Coinbase's efforts to improve the speed and cost of transactions on its platform.
Coinbase Global, Inc. (NASDAQ:COIN) investors will be delighted, with the company turning in some strong numbers with its Q1 2021 earnings report. The company reported $1.8 billion in revenue, up from $585 million in Q4 2020. This growth is driven by a surge in trading volume and new customer sign-ups. Coinbase's success has attracted the attention of regulators, with the SEC investigating the company over allegations that it listed unregistered securities.
Coinbase Inc Chief Executive Brian Armstrong on Monday said that the United Arab Emirates could serve as a hub for the Middle East as well as North Africa. The country's favorable regulatory environment and growing tech sector make it an attractive destination for Coinbase's expansion plans. Armstrong has also expressed interest in working with regulators in the UAE, particularly the Abu Dhabi Global Market (ADGM).
Coinbase (NASDAQ: COIN) is engaging with regulators in the United Arab Emirates (UAE), namely the Abu Dhabi Global Market (ADGM), to expand its operations in the region. The company has been exploring opportunities in the Middle East and North Africa (MENA) region, and the UAE's regulatory environment makes it an attractive destination. Coinbase has also recently announced its acquisition of Skew, a data analytics firm for cryptocurrency derivatives.
Coinbase Global's (COIN 3.63%) stock jumped 18% on May 5 after the cryptocurrency exchange operator posted its first-quarter report. The company reported $1.8 billion in revenue, up from $585 million in Q4 2020. This growth is driven by a surge in trading volume and new customer sign-ups. Coinbase's success has attracted the attention of regulators, with the SEC investigating the company over allegations that it listed unregistered securities.
The SEC is still investigating former product manager Ishan Wahi as well as Coinbase itself over allegations its listed unregistered securities. The investigation has not slowed down the company's expansion plans, however, as Coinbase continues to explore opportunities in the Middle East and North Africa (MENA) region. The company's recent acquisition of Skew is also part of its efforts to improve its data analytics capabilities.