Recently published reports say that popular America based cryptocurrency exchange, Coinbase, had opened its door to the two continents of Europe and Asia. They are now allowing cross-border wire transfers for high volume traders.
In the statement that was released earlier today, the exchange explained that the service will be available to customers with high-volume trading on Coinbase Pro and Prime.
Head of Coinbase’s Institutional sales in Asia, Kayvon Pirestani, in an explanation told Bloomberg about the reasons why such a 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.
The exchange then went on to reveal that only 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 also give an explanation as to why they are expanding such services to specific high-volume traders. The statement reads, “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 — serve these customers, along with other participants in the market, like asset issuers, exchanges and miners. Coinbase also gave a detailed
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.