TL;DR Breakdown
• The crypto platform seeks to expand its operations to countries in the Middle East.
• Coinbase believes that Israel is booming crypto developments and wants to support them.
Coinbase, one of the most widely used cryptocurrency trading platforms globally, announced operating in Israel after serious negotiations. The exchange believes it is time to expand its operations to the Middle East to allow cryptocurrency trading solely in every corner of the world.
In an announcement, the crypto platform says that they recognized the republic of Israel as a strategic point for new encryption technologies, and that is why they seek to engage with the country. The crypto company bought a national security firm to offer its operations in the country quickly.
Israel opens space to the crypto market with Coinbase
In the early hours of Tuesday, November 30, Coinbase, the crypto company that offers the purchase, sale, and exchange of the main tokens, announced that it would offer its services in Israel through Unbound Security. The crypto trading platform said it would bring thousands of solutions to new Israeli clients for trading and investments.
Among the announcements, Coinbase confesses that they have been watching the crypto movements in Israel for some time now, recognizing it as a country in technological advancements. Unbound is the American firm’s first step to reaching the country in the Middle East and thus offering cryptographic solutions.
The purchase of the Israeli security agency enters the list of renovations that the exchange has tried to do since the beginning of the year. The crypto platform showed its official value on the Nasdaq stock market last April, where it traded over 100 billion dollars. But the BRD wallet said less than a week ago that it would be linked to the American company to improve its work system and prepare for Web 3.0 technology.
More details on the participation of the US Exchange in Israel
While Coinbase did not explain the purchase of the Israeli security agency, it has shown an interest in expanding. The crypto platform has bought agencies like Agara in India and cryptosystems like Zabo in recent months. This shows that the exchange wants to expand its operations to be recognized as the leading crypto trading platform.
While the cryptocurrency market remains volatile, Coinbase got ahead months ago by creating a hedge against risks to protect its investors in tough times. The trading platform seeks the best experience among its users, which is why it tries to prevent the loss of their money.
With all these developments, the exchange has had profits of up to 1.2 billion dollars at the beginning of the year. In previous months the crypto company reported profits of up to 406 million dollars, which shows a fall from which they will soon recover. Coinbase could increase the crypto adoptions wave in Israel and the value of major tokens for sale like Bitcoin.
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