In a recent blog, Coinbase has said it is widening its support for institutional and large-volume crypto trading. From today, those high-volume customers will be able to use cross-border wire-transfers to fund their prime accounts. In addition, Coinbase will support inbound and outbound international (SWIFT) wire transfers, which will allow their clients in Asia to fund their accounts from non-US bank holdings.
Selected clients across Asia will not only have access to Coinbase’s flagship trading platforms for institutions, but also to their dedicated cold storage service, Coinbase Custody, as well as their OTC trading desk which launched in the US last year.
Andrew Robinson, the head of institutional sales and trading for Coinbase in Europe, Africa and the Middle East has said that the OTC trading desk has been well received so far. “This latest upgrade means Coinbase customers outside the US are now able to trade without a domestic US bank account – something we think is going to make a big difference for our trading volumes”.
As well as being able to deposit, withdraw and trade through Coinbase Prime, clients in Asia will also have access to the stablecoin USDC which is backed one to one with the US dollar (reserves held by the exchange).
“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. We see a bright future ahead for crypto in Asia”, Coinbase said in a blog announcement.
The new head of institutional sales in Asia is Kayvon Pirestani. He joins from the New York office where he led institutional sales for the United States. He will be working out of the Tokyo office. His team will provide client support for their range of institutional products and services.
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