The American based cryptocurrency exchange of Coinbase has opened cross-border wire transfers for high volume traders in the two continents of Asia and Europe.
Making the announcement earlier today, the exchange explained that the service will be available to customers with high-volume trading on Coinbase Pro and Prime.
Kayvon Pirestani, Head of Coinbase’s Institutional sales in Asia, explained to Bloomberg why the move was necessary.
Asia is super important to the crypto ecosystem.
It’s home to some of the most active retail traders in the world as well as a lot of institutional investors.
I would argue that the Asia customer base is already moving the needle for the firm. One of our top five clients by revenue is in the Asian region.
Select Customers To Access OTC Trading and Custody Services
The exchange went on to announce that select Coinbase Prime customers around the world, will also have access to the US and European Over-the-Counter (OTC) trading desks and custody services in their dedicated cold storage-as-a-service platform. The announcement went on to explain why they were expanding such services to specific high-volume traders:
In the past 12 months, hundreds of crypto-first hedge funds have launched around the world, and many hundreds more traditional institutions such as proprietary trading firms, family offices and endowments have begun actively trading digital assets.
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.
Cross-Border Wire Transfers To Use SWIFT
Further elaborating on how the cross-border wire transfers will work, Coinbase explained that it will support inbound and outbound SWIFT transfers from non-US bank accounts.
What are your thoughts on Coinbase opening cross-border wire transfers for high-volume customers in Asia and Europe? Does it signify a growing interest in digital assets by institutional investors on a global scale? Please let us know in the comment section below.