Coinbase Is Riding Waves Of High With FCA Approval & Spindl Acquisition

Coinbase is one of the most renowned names in the crypto community. This American company primarily deals with digital assets. Coinbase is arguably one of the largest cryptocurrency exchange platforms in the world right now. 

Coinbase was founded by Brian Armstrong and Fred Ehrsam in 2012. Since then, it has become one of the biggest names in the industry. Now, in light of major upheaval in the crypto world, Coinbase managed to sway the Financial Conduct Authority or FCA to earn the VASP designation. 

The VASP or Virtual Asset Service Provider designation can be beneficial for the company as it allows the company to trade in digital assets as well as fiat services. Therefore, this can help the company to broaden its area of influence.  

Winning Approval & Acquisition

The recent designation has already made Coinbase one of the largest registered digital asset exchanges in the UK. Hence, this designation can work wonders for the company and the stakeholders.  

The company released an official statement stating, “This is a critical registration to cement our strong position in the UK and unlock our ambitious expansion plans.” This registration is not just another registration. It is a step in the right direction for the company’s international strategies.  

The press release further stated, “Our mission is to onboard the next 1 billion people into crypto while prioritising security for customer assets and maintaining the highest standards of compliance. Coinbase’s core thesis is that greater adoption and use of cryptocurrencies will increase economic freedom, and achieving our VASP in the UK furthers this belief.” 

Therefore, this is a critical step for Coinbase as an organization since it can catapult this company to newer heights. Separately, Coinbase made headways in other sectors. Coinbase recently onboarded Spindl as a partner to prioritize the Ethereum layer-2 network, Base.  

The company claimed that it “has acquired Spindle, an on-chain ads and attribution platform (re)building the ad tech stack on-chain, to improve the on-chain discovery problem for on-chain builders”  

This could be another revolutionary step, as Jesse Pollak, creator of CoinBase, states. According to Pollak, this acquisition and subsequent regulatory win in the UK make the company better equipped to deal with the market.  

Moreover, Shan Agarwal claims that this could change development processes and allow developers to increase engagement. In a public post, Shan stated, “Spindl’s built the first truly robust onchain advertising protocol that helps builders find their audience and users find more compelling things to do onchain. Win-win.” 

Endnote: What Could This Mean For Coinbase? 

Overall, the way things have lined up, Coinbase could easily get ahead of its competitors in a landslide move. Then again, the world of crypto is a volatile place. Things can change at a moment’s notice.  

As a result, while things have lined up till now, who knows what is there for the future? In summation, Coinbase is currently riding the waves of success, and things look optimistic for this American-based cryptocurrency exchange.