By Coinbase, the cryptocurrency exchange has revealed that it’s going to launch cross-border wire transfers for institutional clients in Europe, Asia and UK.
In an announcement on Tuesday, Coinbase revealed that for clients who reside in countries where fiat payment rails aren’t currently available yet, the firm will now provide support of inbound and outbound SWIFT transfer from non-US bank accounts.
The announcement added:
“This new feature will allow Coinbase customers in many countries throughout Asia and EMEA to access Coinbase’s deep pool of crypto liquidity for the first time.”
In addition to this, the firm also announced that they will be offering new OTC trading desk for both customers in the US and European countries as well as trading and custody services for clients in Asia trading in large volumes.
For the latter service offered, traders in Asia will have the USDC stablecoin available to them, which of course, is backed by the dollar reserves held by the exchange. Certain Prime clients will also have their Custody cold storage service available at their disposal.
Furthermore, Coinbase’s OTC desks will result in large-volumes having minimal impact on the prices of cryptocurrencies as per the announcement. In order to provide user privacy, the announcement also noted that all counterparty data will remain confidential while only ”minimum trade details are disclosed.”
Coinbase explained:
“Coinbase’s OTC desk is agency only, meaning that we never trade on a principal basis or against our clients [and] Coinbase never trades on a proprietary basis.”
Coinbase also disclosed that they are targeting crypto-first hedge funds, as well as family offices, traditional trading firms and lastly, endowments with these new additions which form part of their extended services for Coinbase Pro and Prime customers in the aforementioned regions. All these services will be available immediately claimed Coinbase.
As reported by CoinBeat last year, Coinbase first announced the opening of an OTC trading desk in November.
Lastly, Coinbase has also appointed Kayvon Pirestani, the former US institutional sales had to oversee the exchange’s institutional sales in Tokyo, Japan.
What are your thoughts on cross-border wire transfers? Let us know by leaving a comment below.
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