Coinbase Adds Cross-Border Wire Transfers for Whales in Europe and Asia

Coinbase has launched cross-border wire transfers and expanded custody services for institutional customers in Asia, the U.K. and Europe.

AccessTimeIconJan 22, 2019 at 10:00 a.m. UTC
Updated Sep 13, 2021 at 8:49 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto exchange Coinbase is launching cross-border wire transfers for institutional clients in Asia, the U.K. and Europe.

Coinbase said in an announcement Tuesday that, for clients in countries where fiat payments rails aren’t yet available, the firm will now support inbound and outbound SWIFT transfers from non-US bank accounts.

It added:

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

Simultaneously, the firm said it will offer new OTC trading desks for U.S. and European customers, as well as trading and custody services for large-volume clients in Asia.

For the latter service, Asian traders will have access to the USDC stablecoin, which is backed by dollar reserves held by the exchange, while certain Coinbase Prime customers will also be able to use its Custody cold storage service as well.

Meanwhile, the company's OTC desks will ensure that large-volume trades will have a minimal impact on crypto prices, according to the announcement. To protect user privacy, it noted that counterparty information is confidential, and "only minimum trade details are disclosed."

"Coinbase’s OTC desk is agency only, meaning that we never trade on a principal basis or against our clients [and] Coinbase never trades on a proprietary basis," the exchange said.

The exchange said it was targeting crypto-first hedge funds, as well as traditional trading firms, family offices and endowments with the additions, which come as expanded services for Coinbase Pro and Prime customers in the regions. The services will be available immediately.

Coinbase first announced it had opened an OTC trading desk last November.

To oversee the exchange's institutional sales, Coinbase has appointed former U.S. institutional sales head Kayvon Pirestani to head up the same task in Asia, based out of its Tokyo office.

Coinbase image via CoinDesk archives


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.