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Coinbase exchange has made an expansionary move into the U.K. In an update shared with the broader crypto community, Coinbase announced its plans to broaden its services to the European market. The exchange says its U.K. customers can now send and receive wrapped versions of certain cryptocurrency assets.
Coinbase introduces wrapped assets on Base for U.K. Users
As per the update, the assets include cbADA, cbDOGE, cbLTC and cbXRP. These are Coinbase-wrapped versions of Cardano (ADA), Dogecoin (DOGE), Litecoin (LTC) and XRP. These versions all exist on Base, the Ethereum layer-2 blockchain launched by Coinbase.
The availability of these wrapped assets could increase liquidity and trading opportunities for crypto users in the U.K. It could also attract new investors to the platform, increasing adoption for the exchange.
Notably, U.K. users can access both the website and the mobile app to engage with the different assets listed.
It is worthy of mention that recent regulatory developments in the U.K. have enabled this to happen. One of these is the Financial Conduct Authority’s (FCA) move toward ensuring clear crypto rules.
Interestingly, the FCA, in 2024, fined Coinbase’s U.K. unit approximately $4.5 million. This was a penalty related to accusations that the exchange offered crypto asset trading services to high-risk customers. However, Coinbase did not agree that it committed any offense, emphasizing that any such customer was unintentionally onboarded.
The current listing suggests that Coinbase is complying with regulatory guidelines that place priority on protecting users. U.K. users might benefit from the improved interoperability, leading to increased adoption of the listed crypto assets.
Coinbase CEO hints at more product launches in 2025
Meanwhile, Brian Armstrong, Coinbase’s CEO, recently assured users on the exchange that they can look forward to new developments. According to Armstrong, "the next three months of 2025, there will be lots of new products to ship."
U.K. customers could likely benefit from the anticipated product launches in the last quarter of this year.
As it is making expansionary moves in Europe, concerns are high that Coinbase might be losing its dominance in the U.S. This stems from the growing competition that the exchange is facing as a result of new crypto rules in the country.
In addition, other rivals, like Peter Thiel’s Bullish and the Winklevoss twins' Gemini exchange have gone public, gaining access to capital to further compete with Coinbase. The wrapped token expansion is a strategic move to broaden its reach.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team