High-volume traders are often treated like the rest of the crypto trading world and given no perks for being the lead contributors to daily trade volume rankings. However, Coinbase – a popular American crypto exchange – has decided to shake things up, creating a dedicated service for high-volume traders in Asia and Europe. On top of this new service, customers in Asia and Europe will now have access to Coinbase Custody and related over the counter (OTC) markets.
New USD Stablecoin Available for Trading
Back in October 2018, Coinbase teamed up with Circle to launch its very own stablecoin – the USD Coin (USDC). It’s allegedly backed by the US Dollar at a ratio of 1:1 and gives crypto traders a new USD stablecoin to use. Currently crypto traders have been facing a dilemma as Tether appears to be untethering – if you pardon the pun – and falling apart. Numerous stablecoins have been launched in the aftermath of this crisis, but Coinbase and Circle’s stablecoin is picking up the most attention.
Crypto to Crypto Trading for All
As an early Christmas gift to all of its users, Coinbase enabled crypto to crypto trading pairs. Rather than having to convert everything into fiat or USDC before buying a different crypto, traders can now trade any number of crypto to crypto pairs. However, in the demo video showing the process, the app showed $0 in fees – something that has caused a lot of controversy. In fact, crypto to crypto trades do carry a fee and it’s available on the Coinbase fee schedule.
Cold Storage Primed and Ready to Go
Coinbase’s custodiol solution – Coinbase custody – has been given the all clear by New York Department of Financial Services (NYDFS). This means that the custodial solution is of the highest standard and traders can use Coinbase Custody without fears of funds mysteriously going missing. This feature is mainly targeted at high-volume Asian traders, as there are very few regulated custodial solutions available in the region. Coinbase Custody allows traders to store their cryptos safely when they aren’t trading, without taking too long to transfer in and out of the exchange – helping traders save time when it really counts.
Coinbase is making a concerted effort to step up its game, especially in Asia. Following the launch of Huobi in Japan, it’s likely that Coinbase is trying to keep up with the competition and reign supreme around the globe. In terms of trade volume, it still has a way to go before it breaks into the top 10, but with this new high-volume service, it could just attract the new traders it needs.
