Dec 13 (Reuters) - Coinbase (COIN.O) has announced the commencement of spot crypto trading services on its international exchange, marking a strategic move to broaden its operations beyond the U.S.

The expansion of spot trading services on the international exchange, initially designed for derivatives, will be implemented in stages. The first phase, beginning on Dec. 14, will include bitcoin and ether trading against the USDC stablecoin, catering primarily to institutional clients, according to a company blog post.

Bloomberg News was the first to report this significant development.

CFRA Research analyst Michael Elliott commented on the timing of the announcement, stating, "Coinbase should be able to utilize the launch to gain experience and gauge demand for spot products, potentially benefiting COIN long-term as they eventually look for U.S. approval."

The value of bitcoin has more than doubled this year, reaching a 20-month high last week, driven by anticipation of a spot bitcoin exchange-traded fund, which has enhanced trader sentiment and revitalized overall trading volume.

Coinbase's shares, having surged fourfold throughout the year, saw a 0.5% increase on Wednesday.

In June, the U.S. Securities and Exchange Commission filed a lawsuit against Coinbase, alleging the sale of unregistered securities—a claim vehemently denied by the company. This legal action is part of a broader regulatory crackdown on the cryptocurrency industry, prompted by some notable collapses, including that of FTX.