Nasdaq-listed cryptocurrency exchange Coinbase is set to launch an offshore derivatives trading platform as early as next week, in a move that comes shortly after the company received a license from the Bermuda Monetary Authority.

CCData (previously CryptoCompare) has released its April Exchange Benchmark. This bi-annual report sets the industry standard for evaluating the risks linked to digital asset exchanges.

Electric car maker Tesla has kept on holding onto its Bitcoin in the first quarter of the year, as it didn't buy or sell any BTC, according to its earnings release.

Russia is reportedly implementing additional measures to counter global sanctions in place since the beginning of its invasion of Ukraine. Local media reports suggest the country's central bank is looking to create new institutions to mine digital assets and settle international payments.

City Week 2023 will be held in-person at the Guildhall, London, and also streamed live on media channels, over three days between 24-26 April 2023. CCData followers get a 20% discount with the code CITY14CCD.

Top stories in the Crypto Roundup today:

• Coinbase to Launch Offshore Crypto Derivatives Platform
• CCData Reveals Updated Exchange Rankings
• Tesla Holds on to Its Bitcoin in Q1
• Russia to Create New Institutions for Crypto Mining and Cross-Border Payments
• Save 20% on City Week 2023, an in-Person Financial Services Forum

Coinbase to Launch Offshore Crypto Derivatives Platform

Nasdaq-listed cryptocurrency exchange Coinbase is set to launch an offshore derivatives trading platform as early as next week, in a move that comes shortly after the company received a license from the Bermuda Monetary Authority.

In a blog post the company published, Coinbase lauded Bermuda as a "highly respected and experienced financial regulator." Bermuda's financial regulator was one of the first in the world to roll out a comprehensive legal framework for digital assets, in 2018.

Coinbase's plan to launch an offshore derivatives trading platform was reported last month, when Bloomberg revealed the exchange had been contacting institutional customers about it. Perpetual swaps, a type of futures contract with no expiry, is set to be among the offerings.

Coinbase's blog post also discloses plans to expand the exchange's operations to Abu Dhabi as part of its strategy, which it says is to "go broad and deep."

CCData Reveals Updated Exchange Rankings

We are excited to announce the launch of CCData's (previously CryptoCompare) April Exchange Benchmark. This bi-annual report sets the industry standard for evaluating the risks linked to digital asset exchanges.

Bitstamp has maintained its position as the top centralized exchange, while Uniswap remained the highest-ranked decentralized exchange, while Kraken has emerged in first place in CCData's inaugural Derivatives Benchmark.

The fall of FTX in November and recent banking challenges have underscored the need for transparency in the centralized exchange sector.

To address this, CCData refined the framework and methodology of its benchmark, ensuring it stays in line with best industry practices while fostering transparency and accountability in this rapidly evolving market. The latest Exchange Benchmark edition also includes an enhanced framework to evaluate the risks associated with derivatives exchanges.

Dig deeper into the cryptocurrency exchange realm through CCData's latest Exchange Benchmark.

Tesla Holds on to Its Bitcoin in Q1

Electric car maker Tesla has kept on holding onto its Bitcoin in the first quarter of the year, as it didn't buy or sell any BTC, according to its earnings release.

The company reported the value of its digital assets at the end of the quarter was $184 million, a figure consistent with that of the fourth quarter of 2022. This steadiness persisted despite the increase in Bitcoin's value, which climbed to approximately $28,500 at the quarter's end, up from $16,500 just three months prior.

Due to current accounting regulations, such gains are not reflected in the books, although for the third consecutive quarter, Tesla made no alterations to the volume of BTC it held.

In the first quarter, the company posted adjusted earnings per share (EPS) of 85 cents, aligning with the consensus analyst estimate as reported by FactSet. The company reported revenue of $23.33 billion, falling short of the anticipated $23.6 billion.

Russia to Create New Institutions for Crypto Mining and Cross-Border Payments

Russia is reportedly implementing additional measures to counter global sanctions in place since the beginning of its invasion of Ukraine. Local media reports suggest the country's central bank is looking to create new institutions to mine digital assets and settle international payments.

In a State Duma meeting, central bank head Elvira Nabiullina announced a pilot program that would allow the use of cryptocurrency in cross-border settlements but maintained that cryptocurrency use within Russia remains restricted.

The plan involves establishing "special authorized organizations" for crypto mining and international settlements, including transactions involving digital assets. Bank of Russia deputy chairman Aleksey Guznov said the bank is discussing with the government how these companies will function, with private companies potentially contributing in the future.

The move follows reports of BRICS members (Brazil, Russia, India, China, and South Africa) developing their own currency to facilitate trade.

Save 20% on Tickets for City Week 2023, the 13th Annual International Financial Services Forum

City Week 2023 will be held in-person at the Guildhall, London, and also streamed live on media channels, over three days between 24-26 April 2023.

As in previous years, CW2023 is being organised in partnership with the UK Government, the City of London Corporation, TheCityUK, UK Finance and leading City institutions.

Widely regarded as the premier gathering of the international financial services community, the programme reflects the boardroom agenda of leading financial institutions from across the world. City Week 2023 comprises three (separately bookable) days:

• Day 1: The Climate Change, Green Finance and Sustainability Summit
• Day 2: The Institutional Adoption and Regulation of Digital Assets Summit
• Day 3: The Digitalisation and Innovation in the Capital Markets Summit

Like previous editions, this year's forum will feature many well-known names from the global financial services industry, the world of politics and the international regulatory community.

To view the agenda and list of confirmed speakers for CW2023, please visit the website here.

Delegate Fees

1 Day Package - £595 + VAT

2 Day Package - £995 + VAT

3 Day Package - £1195 + VAT

As an event partner, CCData can provide this newsletter's followers with a  20% discount off the above fees!

Registration

• Website: https://www.cityweekuk.com/city-week-2023/ccdata-discount
• Email: cityweekuk@cityandfinancial.com

Quote/use the following code to obtain your 20% discount: CITY14CCD

Press Release

State of the Crypto by Top Tier Exchange Volume