Coinbase‘s institutional clients, resident in the following regions: Asia, the U.K., and Europe can now make inbound and outbound SWIFT transfers on the platform.
Coinbase is After Crypto Whale’s Money
Through this new feature, the exchange plans to make it convenient for crypto-first hedge funds, as well as traditional trading firms, family offices and endowments, deposit and withdraw money from the platform.
The announcement reads that:
“The exchange confirmed this in a recent announcement. According to the announcement made earlier today. The crypto exchange institutional clients in Asia, the U.K. and Europe can make inbound and outbound SWIFT transfers from their various bank accounts.
As part of Coinbase’s continued commitment to the international crypto community, Coinbase Pro and Prime customers throughout Asia and Europe can now use cross-border wire transfers to fund their accounts. Select Coinbase Prime customers globally will also have access to our US and European over-the-counter (OTC) trading desks and Coinbase Custody, our dedicated cold storage-as-a-service platform.”
“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.”
OTC Trading Desks and Custody Service
Coinbase is also offering OTC trading desks to its customers in the U.S. and Europe. Through this OTC desk, large-volume trades will have a minimal impact on crypto prices in the one market. Users privacy will also be protected while using the desk and only minimum trade details will get disclosed. Custody services are also available for Asian clients. Some other high profile customers outside Asian will also have access to the custody services.
The exchange confirmed this in a statement which reads:
“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,”