Coinbase Announces New Features for High Volume Traders in Asia and Europe
US-based cryptocurrency exchange Coinbase is looking to expand internationally with a new announcement today for its customers in Europe and Asia.
Coinbase announced new services and features for high volume traders on both the Coinbase Pro and Coinbase Prime platforms.
These traders will now get access to cross-border wire transfers, custodial services, and an OTC trading desk.
Coinbase International Customers Get New Services
Asian and European customers with high trading volumes on both Coinbase Pro and Prime will be able to use cross-border wire transfers to deposit money into their accounts.
Select customers on Coinbase Prime will also get access to Coinbase’s Over the Counter (OTC) trading desks as well as access to Coinbase Custody, the exchange’s dedicated crypto cold storage-as-a-service platform.
The exchange said that hundreds of crypto-leaning hedge funds were launched in the past 12 months and many proprietary trading firms, endowments and family offices have started trading digital assets.
Coinbase’s announcement states:
“Coinbase’s suite of products — Coinbase Pro, Coinbase Prime, and Coinbase Custody — serves these customers, along with other participants in the market, like asset issuers, exchanges and miners.”
When Will the Services Be Available?
The international wire transfer service has gone live for customers in countries which do not have fiat rails available yet.
The exchange will support both inbound and outbound transfers from non-US bank accounts using SWIFT.
This feature will allow customers in these regions to access Coinbase’s deep pool liquidity.
Additionally, users will have access to the USDC stablecoin which will provide access to a variety of trading pairs on the exchange.
Using Coinbase Prime, each of these USDC tokens is redeemable for 1 US Dollar at any time, without any charges.
Coinbase custody and OTC trading services have also gone live in Asia, EMEA region.
These services are also available to select Coinbase Prime users, allowing them to make large volume trades with minimum slippage.
Coinbase suggested that its OTC desk is agency only, which means that the exchange will never trade on a principal basis or against their clients.
Custodial services will also be available to approved customers in Europe and Asia.
With these services, Coinbase will offer an institutional-grade cold storage facility for storing a large amount of crypto assets.
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