Updates and developments in the field of cryptocurrencies have been critical to the mainstream adoption of digital assets. Coinbase, the world’s largest cryptocurrency exchange, was at the forefront of these overhauls, and the Brian Armstrong-led company released yet another feature to boost that claim.
On March 13, Coinbase announced that Coinbase Custody clients can now trade OTC directly into and out of their custody accounts. The company’s tweet stated,
“Coinbase Custody + OTC = easy, instant, anonymous liquidity for offline funds.”
Coinbase, in their blog also claimed,
“Agency-only OTC desk provides anonymous access to trusted counterparties who have cleared our AML/ KYC policies. Our OTC and Custody client service teams provide a high-touch, seamless process from pricing risk through trade settlement.”
The latest update comes in the wake of Coinbase’s XRP listing and the scandal surrounding its Neutrino acquisition. Coinbase launched Coinbase Custody in July 2018, with the aim of onboarding a “set of world-class clients that includes leading crypto hedge funds, exchanges, and ICO teams.”
With the latest OTC update, Coinbase Custody is now directly integrated with Coinbase’s OTC desk. The company’s blog also revealed that clients on Custody can leverage the OTC desk to price and confirm trades, before moving funds. Coinbase added,
“Additionally, we’ve honed this process to make it as simple and smooth as possible — our OTC and Custody client service teams work together to provide a single point of contact throughout the entire process. For clients initiating positions, the process is even simpler: they can buy OTC and settle assets directly into Custody.”
One key focus area for the exchange was providing immediate liquidity to customers with their offline funds. Coinbase Custody grabbed headlines previously when it offered support for XRP on the platform, much to the approval of users who wanted the cryptocurrency listed on the actual cryptocurrency exchange. These prayers were answered when Coinbase Pro added XRP to its roster along with Bitcoin and Ethereum. Coinbase Pro had announced,
“XRP trading will initially be accessible for Coinbase Pro users in the US (excluding NY), UK, supported European Union member nations, Canada, Singapore, and Australia. Additional jurisdictions may be added at a later date.”
The post Coinbase Custody introduces new feature to provide users instant liquidity on offline funds appeared first on AMBCrypto.