Coinbase, one of the most prominent cryptocurrency exchanges in the world, has now entered the Spanish finance market. Earlier this year, the cryptocurrency exchange registered with the Bank of Spain as an unauthorized custodian wallet provider.
As to an official announcement of Coinbase, its recent expansion in the Spanish market is part of its phase second international expansion plan. The international expansion plan is titled as “Go Broad, Go Deep.”
Spanish Apex Bank and Coinbase secured an anti-money laundering (AML) license with Apex Bank of Spain. After securing this license, Coinbase got the platform to serve as a crypto asset custodian to all the citizens of Spain.
Spain is expected to adopt MiCA regulations in 2024 without any objection as it is a member nation of the European Union. Spain is a growing crypto hub, with 29% of Spanish adults supporting cryptocurrency as the future of finance.
Based on the Coinbase announcement, the MiCA regulatory framework furnishes much-needed clarity for cryptocurrency operations in the European Union, acknowledging the vast potential of these digital assets.
Over the past few months, Coinbase is focused on its global expansion and has secured dozens of licenses in the past 52 weeks. The available data shows that the U.S.-based crypto exchange is leading its operation in more than 120 nations with mandatory licenses.
In a Twitter post on September 22, 2023, Arkham, a blockchain intelligence platform, revealed that Coinbase became the highest Bitcoin holder.
The Arkham analysis highlighted that Coinbase uses more than 36 Million BTC deposits and holding addresses. On the other hand, its largest registered cold wallet contains nearly 10K BTC.
Coinmarketcap data shows that over 40% of Coinbase trading volume comprises Bitcoin trading, followed by Ethereum, Tether, XRP, Chainlink, Solana, and Litecoin. In the 24-hour time frame, overall crypto market capitalization declined by over 0.25%.
Despite steady expansion, Coinbase stock declined by over 14% in a week and 4.56% in a month. COIN stock was trading below 20,50,100 and the 200-day exponential moving averages at the time of publishing.
The MACD and signal lines are constantly approaching the sellers’ territory; bearishness is expected in the coming sessions. The RSI line has entered the bears’ region, making short-term reversals impossible.
The views and opinions stated by the author or anyone named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.