Coinbase Looks To Enter Derivatives Market With Offshore Platform – March 17

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$26,452

Bitcoin price has broken above $26,000 once again, touching as high as $27,000 early this morning.

Top-20 altcoins also continue to creep upward, as Ether gains 3%, BNB rises 1% and Polygon advances 4%.

Top Stories for March 17, 2022 🔥

👉 Coinbase Looks To Enter Derivatives Market With Offshore Platform

Coinbase is reportedly considering launching an offshore trading platform to trade perpetual swaps tied to cryptocurrencies.

The platform would compete with Binance, which currently dominates the market share in bitcoin futures. Perpetual swaps, a popular product in the crypto space, offer a more capital-efficient way for traders to make bets on the underlying crypto market.

Coinbase has not commented on the reports. The company acquired FairX, a CFTC-regulated derivatives exchange, last year and applied for membership in the National Futures Association this year.

👉 Netherlands To Strictly Enforce MiCA Regulation

The Dutch Authority for Financial Markets (AFM) says it will take a strict approach in enforcing the new European Union crypto rules, even if it means businesses will go elsewhere.

AFM head, Laura van Geest, stated that cryptocurrency is linked to fraud, manipulation, and speculation, and the EU’s Markets in Crypto Assets regulation (MiCA) will only partly address its risks.

MiCA will require wallet providers and exchanges to seek licenses that will allow them to operate across the EU bloc. The European Parliament is set to vote on the law in April.

👉 SVB Financial Group Files For Chapter 11 Bankruptcy

SVB Financial Group has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court in order to preserve value. SVB Financial Group’s funded debt is about $3.3bn in aggregate principal amount of unsecured notes.

SVB Capital, SVB Securities and other entities not included in the bankruptcy proceedings will continue to operate in an ordinary manner. The bank’s successor, Silicon Valley Bridge Bank, N.A., is operating under the jurisdiction of the Federal Deposit Insurance Corporation (FDIC) and is not included in the Chapter 11 filing.