Coinbase Launches Wire Transfers For Asia, Europe

All high-volume pro and prime users of Coinbase in both Asia and Europe are now capable of funding their accounts through international SWIFT wire transfer. Interestingly, this can be made possible from non-United States bank accounts. The announcement was made official by the company via its blog.

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Using this feature, the exchange wants to make it extremely convenient for all cryptocurrency-first hedge funds. This would also include family offices, traditional trading firms, and endowments. Basically, they would be able to deposit and/or withdraw money directly from the platform.

According to the official announcement, Coinbase is giving digital currency institutional user in the aforementioned continents – including the U.K. – the ability to process inbound and outbound SWIFT transfers from their respective bank accounts. This is reportedly part of the firm’s continued commitment to the international cryptocurrency community.

To put it simply, pro and prime users of the company are now able to take advantage of cross-border wire transfers. As such, they can fund their accounts with ease. In addition, select prime users across the globe will be given the chance to access the firm’s US and European OTC or over-the-counter trading desks, as well as the dedicated cold storage-as-a-service platform called Coinbase Custody.

Offering OTC Trading Desks

Coinbase reiterates that the feature will enable its customers in multiple countries to access its deep pool of cryptocurrency liquidity. It should be noted that this is the first since the company’s inception.

Apart from launching the above-mentioned feature, Coinbase is also planning to offer OTC trading desks to its clients in Europe and the United States. Through this process, large-volume trades can finally acquire a minimal impact on all digital currency prices in the one market.

Moreover, users’ privacy will be made more secure while utilizing the desk. At the same time, the trade details that are expected to be disclosed will be minimal.

Apparently, custody services have already been made available for Coinbase’s clients in Asia. For other high profile users outside the latter, they will also be given the same access to these services.

Agency Only

According to the exchange, the OTC desk is deemed agency only. In other words, the company will never trade on a principal basis, let alone process the same against its clients. More importantly, the firm will never trade on a proprietary basis.

Institutional investors have dramatically become the target of crypto-related products, all of which are going to enter the market this year. It is clear why Coinbase decided to introduce this flexible process.