Coinbase launches first regulated US-based bitcoin exchange
Coinbase has launched a regulated virtual currency trading exchange in the US.
San Francisco-based bitcoin payments processor Coinbase has launched a regulated virtual currency trading exchange in the US, backed by $106m from the New York Stock Exchange, banks and venture-capital firms.
The Coinbase Exchange will help stabilize the bitcoin network and will provide a secure platform for bitcoin trading.
The exchange will allow Coinbase users in 24 US states and territories to immediately trade on the exchange with no fees through March 30 and charge 0.25% of most transactions thereafter.
Coinbase will initially make the exchange available to users in the US, with plans to expand overseas in the future.
A Duke University finance professor Campbell R. Harvey told the Wall Street Journal: “To have an organized exchange that has the backing of thoughtful venture capitalists and investors addresses one of the main problems with bitcoin: its extreme volatility.”
Coinbase CEO Brian Armstrong said: “Our goal is to become the world’s largest exchange.”