What is Coinbase's Bermuda offshoot?

Could you elaborate on what Coinbase's Bermuda offshoot entails? I've heard murmurings about this entity but remain unclear on its purpose and role within the larger Coinbase ecosystem. Specifically, I'm interested in understanding if it's a separate legal entity, what services it provides, how it differs from Coinbase's main operations, and why Coinbase chose to establish a presence in Bermuda. Furthermore, I'd like to know if this offshoot has any regulatory advantages or if it's tailored to cater to a specific market segment. Clarifying these details would greatly assist in my comprehension of Coinbase's strategic positioning and its global ambitions.