Cryptocurrency broker and exchange operator Coinbase has improved its service for its high-volume customers from Europe and Asia. In an official blog post, the company announced that high-volume customers from the two regions can now fund their Coinbase accounts through cross-border wire transfers.
“For customers in countries where fiat rails are not yet available, we 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.”
Certain global customers of Coinbase Prime, the firm’s institutional-grade trading platform, will also gain access to Coinbase’s U.S. and European over-the-counter trading desks and the company’s cold-storage service.
OTC trading is an attractive option for high-volume traders as it allows large amounts of cryptocurrency to be traded at once at a pre-determined price. Large orders being placed on cryptocurrency exchanges can result in slippage – it’s possible that a trade executes at a substantially different price than expected.
Coinbase continues to work on the institutional side of its businesses, although the company is trying new approaches. The Block talked to Dan Romero, who is the head of Coinbase’s institutional businesses. He revealed that the company’s institutional arm is shifting its resources away from trying to attract Wall Street clients and focus more on crypto-first funds and international expansion. He added:
“There is a lot of trading volume happening outside of the U.S. so we want to expand our services to the international market and take marketshare in the EU and Asia quite a bit.”