As part of its commitment to the international crypto community, Coinbase, one of the leading cryptocurrency exchanges in North America announced on Jan. 22 that its professional trading and custody platforms are available to its Asian-based institutional clients and high-volume businesses.
The new roll-out supports international (SWIFT) wire transfers which allow Coinbase clients to fund their holdings even without a U.S bank account.
The exchange announced:
“As part of Coinbase’s continued commitment to the international crypto community, high-volume clients across Asia will now have access to Coinbase’s flagship trading platforms for institutions, as well as our dedicated cold storage service, Coinbase Custody.”
Coinbase Moves Towards Institutional Investors
The exchange noted that over the past 12 months, several hedge funds had launched worldwide and another growing number of traditional institutions such as proprietary trading firms, family offices, and endowments are trading digital assets.
As a result, Coinbase has introduced a suite of professional products – Coinbase Pro and Coinbase Custody to better serve these customers and other market participants such as digital assets issuers, exchanges, and miners.
Apart from using Coinbase Prime to deposit, withdraw, and trade USD, the exchange’s Asian clients will have access to Coinbase stablecoin USDC.
The stablecoin was announced in October last year by Coinbase in partnership with Circle as the co-founding members of the CENTRE Consortium.
At the time of the launch, the stablecoin was available to buy, sell, send, and receive in supported jurisdictions, and the exchange promised to add support to more geographies in the future.
Today’s announcement is another step in honoring that promise. Coinbase’s stablecoin is fully collateralized by the USD on a one-to-one ratio.
The exchange allows its clients to redeem the stablecoin for USD or vice versa through Coinbase Prime free of charge.
The exchange is also launching custody services (Coinbase Custody) to approved high-volume customers in Asia, one of the largest and most important markets for cryptocurrencies.
Coinbase Custody is an institutional-grade service designed specifically to store large amounts of cryptocurrencies securely.
Through Coinbase Custody, digital assets are stored offline and protected using cutting-edge security practices.
The secure storage of digital assets is a hot topic because investors have lost huge amounts of money after cryptocurrency exchanges such as Mt. Gox and Coincheck were hacked.
Coinbase’s Expansion to Asia
Coinbase has long foreseen its growth in Asia. In June last year, the exchange launched its offices in Japan and appointed Nao Kitazawa to the position of CEO Coinbase Japan.
Kitazawa is an experienced fintech leader who has previously worked for Morgan Stanley Japan as an investment banker and served as the COO of Money Design, a firm that played an important role in “pioneering automated investment advice platforms in Japan.”
Kayvon Pirestani, who previously led institutional sales at Coinbase New York has been transferred to the Tokyo office and carry on the work that he did in the U.S.
He will lead a team that will provide 24/5 support for the exchange’s range of institutional products and services.