Coinbase announces cross-border wire transfers for whales in Europe and Asia

22 Jan, 2019 | Updated: 22 Jan, 2019
by Richard Allen
Exchange
Coinbase announces cross-border wire transfers for whales in Europe and Asia

San Francisco-based cryptocurrency exchange Coinbase has announced the launch of cross-border wire transfers for high-volume customers in Asia and Europe.

In the announcement, the exchange stated that for customers in countries where fiat payment rails aren’t yet available, Coinbase will now support inbound and outbound SWIFT transfers from non-US bank accounts.

“This new feature will allow Coinbase customers in many countries throughout Asia and Europe to access Coinbase’s deep pool of crypto liquidity for the first time.”

Additionally, Coinbase is also offering new OTC trading desks in the US and Europe and offering Coinbase Custody for high-volume clients in Asia and Europe.

Read more: If I'm not a Bitcoin whale, then what am I?

Regarding the exchange’s wire transfer service, traders will be able to use the USDC stablecoin which is fully backed by dollar reserves held by Coinbase.

The launch of the OTC desk will allow select customers to execute large volume trades without having a huge impact on the crypto’s price.

“Coinbase’s OTC desk is agency only, meaning that we never trade on a principal basis or against our clients. Coinbase never trades on a proprietary basis,” the announcement stated.

Read more: Coinbase UK exec sees "big developments" in crypto regulation by 2021; Andreessen Horowitz-backed startup Blockspring acquired by Coinbase

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Read more about: Coinbase

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