Coinbase has launched a new set of financial services that target high-volume traders in Asia and Europe.
According to a company announcement, high-volume Coinbase Pro and Prime customers in Asia and Europe will now be able to use SWIFT transfers to fund their Coinbase accounts from banks based outside of the U.S. Coinbase Prime is a separate entity from Coinbase and is the company's professional trading platform for institutional clients.
Coinbase Pro, on the other hand, is aimed at professional traders.
Coinbase now also enables high-volume traders living in Europe and Asia to use the company's new over-the-counter trading desk and cold storage service, Coinbase Custody.
While the new options Coinbase introduced might not attract more day-traders, it represents a huge step forward when it comes to attracting large institutional investors.
In its announcement, the company said that the cryptocurrency market has resulted in "Hundreds of crypto-focused hedge funds launching around the world," and Coinbase saw the opportunity to serve them.
By introducing cross-border SWIFT payments, Coinbase managed to expand to countries where fiat-to-crypto exchange options are still unavailable.
The exchange's clients in Asia will be given access to USDC, Coinbase's widely accepted stablecoin.
A few select clients across Europe and Asia have also been given access to Coinbase Custody, an institutional-grade service optimized for storing large amounts of cryptocurrency in a "Highly secure way," Coinbase explained in its post.
Coinbase's move is seen by some as a step forward for cryptocurrency, embodying the innovations needed for more structured adoption while reflecting an increased appetite from institutional traders.
Recent Moves by Coinbase Made to Attract Institutional Cryptocurrency Investors in Europe and Asia
gepubliceerd op Jan 24, 2019
by Cryptoslate | gepubliceerd op Coinage
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