Coinbase, one of the largest cryptocurrencies exchanges in the US is bringing its custodial and OTC solutions to its European and Asian customers as well. Now, high volume traders in the two regions can enjoy trading cross-border wire transfer services, custodial services, and OTC trading desk services from the exchange. The services will be live with immediate effect, announced the exchange.
High Volume Traders on Prime Get a Boost
Coinbase Prime will be offering OTC trading desks and custodial services to a select customer in both Europe and Asia. Both the features are now live in the two regions. The OTC trading desks set up in the US and Europe will be available to a global customer base of the exchange. High volume customers can now execute large traders with reduced price slippage on the network. Coinbase noted that its desk is agency only, which means that it will “we never trade on a principal basis or against our clients. Coinbase never trades on a proprietary basis.”
The second service- Coinbase Custody, is a crypto cold storage service for large clients. Coinbase Custody is regulated by the New York Department of Financial Services and provides institutional-grade, highly secure crypto storage facility. Coinbase will hold all user assets offline and follow leading security practices while providing insurance to users.
Cross-border Wire Transfers Open Up
The service will be available to both Coinbase Pro and Coinbase Prime customers. In countries where fiat rails have not been established, Coinbase will use SWIFT based cross-border inbound and outbound transfers. The users can now fund their accounts using any non-US bank wire transfers across the border.
The exchange said that this feature would help users “to access Coinbase’s deep pool of crypto liquidity for the first time.” It will also help them make use of the USDC stablecoin available on the platform that can be redeemed for 1 dollar (for each coin) at any time without a fee.
Coinbase is counting on growing institutional interest from hedge funds, family offices, endowments, and proprietary trading firms in the crypto sector. It noted that its suite of products, ranging from Coinbase Pro and Prime to Coinbase Custody, will be helpful for a wider range of crypto market participants from exchanges to miners.