Coinbase, the largest public crypto exchange in the US, has re-entered the Hawaiian market after a seven-year absence.
In its official statement, Coinbase noted that the recent regulatory reforms in Hawaii drive this move.
Coinbase Joins Robinhood in Hawaii’s Crypto Scene
With Coinbase’s re-entry, Hawaii residents can now participate more actively in the digital economy. They now have access to a wide range of Coinbase services, including trading, staking, and advanced tools for professional traders.
“With recent state regulatory changes paving the way, we can now bring our products and services to Hawaii and empower residents to participate in the crypto economy. For years, Hawaii residents have expressed a strong interest in crypto on Coinbase, […] and we’re excited to deliver on that promise,” the firm wrote in its official statement.
Read more: Coinbase Review 2024: The Best Crypto Exchange for Beginners?
This move seems to be having a positive impact on Coinbase’s stock. After the announcement, COIN experienced an increase from $194.60 to as high as $201.10, closing at $197.94. This marks a 3.23% increase for yesterday’s trading period.
COIN Price Performance. Source: Google Finance
In late June, Hawaii’s Department of Commerce and Consumer Affairs (DCCA) announced significant regulatory changes. These adjustments enable crypto firms to operate without obtaining a Money Transmitter License (MTL).
The decision follows the conclusion of the Digital Currency Innovation Lab (DCIL) project, initiated in 2020. The DCIL aimed to explore and assess the digital currency ecosystem in Hawaii. The project’s conclusion has led to a more open and innovation-friendly environment.
Read more: Coinbase vs. Robinhood: Which Is the Best Crypto Platform?
This regulatory clarity also prompted other crypto companies to enter the state, in addition to Coinbase. In early July, the multi-asset investment platform Robinhood announced that its crypto trading service had expanded to Hawaii, Puerto Rico, and the US Virgin Islands.
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