The largest crypto exchange platform in the US, Coinbase is extending support for its prime customers, which mostly include high-volume or institutional customers. Also, The exchange platform announced today that it has opened the doors for its clients across Asia.
Coinbase claims that with the high-volume trading platform Coinbase Pro, the prime customers in Asia, the U.K. and Europe, can use cross-border wire transfers to fund their Coinbase prime accounts. The Coinbase customers across Asia are enabled by the exchange to access the platform’s trading offerings for institutions, which are cold storage service, and Coinbase custody. The announcement elaborates how the platform will achieve this, noting that the platform will “now support inbound and outbound international [SWIFT] wire transfers, allowing Coinbase clients in Asia to fund their accounts from non-US bank holdings.”
It further says that the selected customers can also operate through Coinbase Custody and Coinbase’s over-the-counter (OTC) trading desk. Coinbase Custody is a platform which especially works for institutional customers. Also, it is designed to store huge amounts of cryptocurrencies. Launched in July last year, it is recently approved by the authorities to operate in the state of New York.
The exchange expects that the recently introduced service will help their non-US users to benefit from the ‘platform’s deep pool of cryptocurrency liquidity.’ In Asia, the exchange will provide the trading services of crypto assets like Circle’s stable coin and USDC through Coinbase Prime.
Notably, Coinbase is planning to develop itself as a prominent entity for institutional bitcoin and cryptocurrency trading in Asia.
In the announcement, Coinbase said, “We see a bright future ahead for crypto in Asia. Building on our announcement last June that Nao Kitazawa would lead our efforts in Japan, we have also recently appointed Kayvon Pirestani to head institutional sales in Asia, operating from our Tokyo office.”
Coinbase will soon be introducing their recent OTC trading desks. OTC trading is processed directly between two parties rather than an exchange. Here, Coinbase will perform as an “agency.”
Moreover, Andrew Robinson, head of institutional sales and trading for Coinbase in Europe, the Middle East, and Africa talked about OTCs in an interview, “The OTC, which went live in the U.S in November and the in the U.K. just before Christmas, has been well received so far. This latest upgrade means Coinbase customers outside the U.S. are now able to trade without a domestic U.S. bank account – something we think is going to make a big difference for out trading volumes.”