Coinbase is all set to launch cross-border wire transfers for crypto whales in Asia, the U.K. and Europe. In an announcement on Tuesday the firm will now support inbound and outbound SWIFT transfers from Non-US bank accounts. This comes as a good news in the wake of the fact that fiat payment rails are not yet available in several countries.
A part of the announcement mentions
“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.”
Interestingly, the firm said it will also present new OTC trading desks for U.S. and European customers. They will also introduce trading and custody services for large-volume clients in Asia.
For the latter service, Asian traders will have access to the USDC stablecoin, which is backed by dollar reserves held by the exchange, while certain Coinbase Prime customers will also be able to use its Custody cold storage service as well.
“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,”
the exchange said.
Meanwhile, the company’s OTC desks will ensure that large-volume trades will have a minimal impact on crypto prices, To protect user privacy only minimum trade details will be disclosed.”
Coinbase targeting Crypto-Hedge Funds
The exchange said it was targeting crypto-first hedge funds, as well as traditional trading firms, family offices and endowments with the additions, which come as expanded services for Coinbase Pro and Prime customers in the regions. The services will be available immediately.
The exchange first announced it had opened an OTC trading desk last November. To oversee the exchange’s institutional sales, the leading exchange has appointed former U.S. institutional sales head Kayvon Pirestani to head up the same task in Asia, based out of its Tokyo office.