CoinSpeaker
Coinbase Forays Into Asia Targeting High Volume Businesses with New Trading Services

Once launched in the heart of San Francisco, Coinbase, a well-known all over the world U.S. cryptocurrency exchange, is actively expanding its geography, entering new markets and offering new products that could meet the requirements of this or that target audience.

Quite often Coinbase chooses the markets that have a great potential to become a popular destination for crypto and blockchain projects. For example, in December, Coinspeaker reported about Coinbase’s expansion to six new European markets in the following regions: Andorra, Gibraltar, Iceland, Lithuania, Isle of Man and Guernsey.

But its attention to Europe doesn’t mean that the company has forgotten about Asia that traditionally is one of the most active regions in the sphere of the emerging technologies.

According to the company’s official statement, Coinbase has made its professional trading and custody platforms available to high-volume businesses and institutional customers across the Asian region.

The new initiative is fully in line with the company’s goal to expand its services to reach the global crypto community and provide clients regardless of their location with the most effective and high-quality products and solutions.

Thanks to this step, high-volume clients from Asia will have a chance to enjoy the services of Coinbase’s flagship trading platforms for institutions and its cold storage service known as Coinbase Custody.

Moreover, the team has decided to ensure support of inbound and outbound international wire transfers which will enable their clients from Asia to use fund their accounts even in case they don’t have any US-bank holdings.

And it will be the first time when Coinbase will support Swift transfers from non-U.S. bank accounts in many countries where it didn’t support fiat deposits.

Speaking about their development and growth, the head of Coinbase’s institutional business, Dan Romero stated that they had plans to expand their geography in the framework of their wider strategy shift. Initially, they wanted to focus on Wall Street-level clients including large asset managers and hedge funds but then they decided to develop their business in a little bit different direction. Their goal now is to attract crypto-native funds and expand internationally.

In his interview that took place earlier this year, Romero explained:

“You need deep liquidity, easy access in and out, and I think again that doesn’t change too much for crypto funds. 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.”

At the moment, Coinbase is targeting the whales, trying to facilitate for them the process of shifting larger volumes. This approach obviously differs from the strategy of Binance, for example, that is working on bringing crypto to the masses. By the way, Binance alongside Huobi Global are to be the main Coinbase’s competitors in Asia.

Coinbase Forays Into Asia Targeting High Volume Businesses with New Trading Services

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