Coinbase is one of the biggest cryptocurrency exchanges in the United States and now they are looking to expand across the globe with a new announcement published earlier this week.
The US-based crypto exchange announced new services and features for high volume traders on both the Coinbase Pro and Coinbase Prime platforms. These traders will now be able to get access to cross-border wire transfers, over-the-counter trading desk and custodial services.
European and Asian customers with high trading volumes on both Coinbase Pro and Prime will be able to use cross-border wire transfers to deposits money into their accounts.
Certain customers on Coinbase Prime will also be able to access Coinbase’s Over The Counter trading desks as well as getting access to Coinbase Custody, the crypto exchange’s dedicated cold storage as a service platform.
In addition to this, Coinbase has also said that hundreds of crypto-leaning hedge funds were launched over the past 12 months and many proprietary trading companies, family offices and endowments have begun to trade virtual assets like cryptocurrency. In the announcement by the exchange, they state:
“Coinbase’s suite of products — Coinbase Pro, Coinbase Prime, and Coinbase Custody — serves these customers, along with other participants in the market, like asset issuers, exchanges and miners.”
When will this be available?
Customers based in countries which don’t have fiat rails has already seen the global wire transfer service go live. Inbound and outbound transfers will both be available by the exchange from non-US bank accounts using SWIFT. The feature will enable clients in these places “to access Coinbase’s deep pool liquidity.”
On top of this, the users will be able to gain a connection to the USDC stablecoin which will provide access to several different trading pairs on the exchange.
The Over The Counter trading services and Coinbase custody have also gone live in Asia, EMEA region.
As reported by blokt, “These services are also available to select Coinbase Prime users, allowing them to make large volume trades with minimum slippage.” In addition to this, Coinbase has indicated that the Over The Counter desk is only an agency. And so with this, it means that the crypto exchange won’t be able to trade on a principal basis or against their clients.
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