Coinbase Welcomes European and Asian Whales with New Cross-Border Wire Transfer Option
One of the largest exchanges in the world, Coinbase, has decided to launch cross-border wire transfers specifically made for institutional clients that are based in the United Kingdom, Europe, and Asia. These changes were specifically made for big clients to feel more at home while using the services of the company.
In case fiat payment rails are not available on the countries, the company will accept SWIFT transactions from non-US bank accounts. According to the reports, the new feature will see clients from many countries, especially in Asia, getting access to the liquidity pool of the company for the first time.
Coinbase has also affirmed that it is set to offer a new over the counter (OTC) trading desk in the United States and for Europeans. New options for trading and custody services will also be offered in Asia, but only for clients that have a big volume of trading (institutional ones).
Asian traders will also have access for Circle’s stablecoin, USDC, for the first time. In case you do not know, the token is a stablecoin backed by dollars (USD) held in reserves by Coinbase and Circle. Some Coinbase Prime customers will have the ability to use the cold storage of Coinbase Custody for the first time, too.
According to Coinbase’s management, the OTC desks that the company is opening up now will have a “minimum” impact on crypto prices, despite the fact that they are aimed at clients who move a large volume of assets. Only the minimum details of any trade will be public and the privacy of the institutional clients using the platform will be protected.
The exchange has said, on its official announcement, that Coinbase’s OTC desk will never trade on a proprietary basis and that it will be an agency only. The main target of the company is crypto-first hedge funds and even some more traditional companies like family offices.
Kayvon Pirestani will be the one responsible for overseeing these new markets that opening up right now, this person was formerly responsible for U. S. institutional sales and now will be responsible for the same work in Asia.