Crypto exchange Coinbase has enabled cross-border wire transfers for large institutional clients in Europe and Asia.
For countries not having fiat payments rails, inbound and outbound SWIFT transfers will be supported 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,” Coinbase said in a blog post.
At the same time, Coinbase will offer Over the Counter (OTC) trading desks for US and European clients.
It will also offer trading and custody services for large-volume clients in Asia.
“With the launch of these desks, select customers will be able to execute large volume trades with minimal price slippage. 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,” Coinbase noted.
Last month, Coinbase enabled its US-based customers to withdraw Coinbase cash balances into their PayPal accounts immediately and without any fees.
The move followed Coinbase’s $300m fundraising in a Series E equity funding round.
The funding round was led by Tiger Global Management, along with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, and Polychain.