Coinbase Custodial Service Clients Gain Access to OTC Trading
Coinbase this Wednesday announced a “direct integration” of Coinbase Custody into its own OTC platform.
According to a Coinbase blog post, custodian customers can now negotiate an execution price and confirm terms before moving funds to the OTC platform. Previously, traders had to withdraw assets from cold storage to a wallet on the trading platform and only then carry out transactions. At the same time, the withdrawal of cryptocurrencies from Coinbase Custody takes from 24 to 48 hours, which negatively affected the final conditions of transactions..
“OTC marketplaces are more vulnerable to fraud. The combination of an OTC platform and a custodian solution will provide the same level of security as in the exchange market, while increasing liquidity, ”said Jessica Schaefer, CEO of Bevel consulting company..
Coinbase also confirmed that it has already completed the first test trade on the new principle. According to the exchange, the whole process took no longer than other online transactions..
Previously, a similar service was organized by BitGo, like Coinbase Custody, which is engaged in the storage of large amounts of cryptocurrency assets. In January, she entered into an agreement with the Genesis Trading OTC platform, allowing her clients to exchange cryptocurrencies without having to withdraw them from storage..
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