One of the largest and most prominent cryptocurrency exchanges in the world, Coinbase, yesterday announced that its Coinbase Custody service is now integrated with the OTC desk that they launched last year 2018.
One of the benefits of this update is that clients who rely on their custody services will now be able to trade using their preferred cryptocurrencies from the cold storage. When making the announcement, the company executive stated that this is one of the improvements that a majority of their clients have been requesting.
Custody Service Now Available on OTC Desk
The U.S based cryptocurrency exchange platform, Coinbase, has announced to millions of people who use the platform that its popular custody service will now be available on OTC desk. One of the benefits of this new improvement is that crypto traders will be able to trade various cryptocurrencies from cold storage.
This means that clients will no longer need to first move the funds to their online account to trade. In one of the articles posted on the official Coinbase blog, the Custody client service and OTC teams will work in tandem to ensure that clients get the best trading experience.
The main goal is to provide a single point of contact through the whole cryptocurrency trading process. This move will save on time and ease a process that have been viewed as complicated by thousands of people in the past.
Improved Security Detail
Coinbase is not the only company in the cryptocurrency space that is focussed on improving its processes to offer the best service to customers. BitGo launched a similar product in January through a partnership with Genesis Trading. The partnership allows customers to trade their digital assets/cryptocurrencies that are still stored in cold custody.
Experts who have been analysing the two platforms and the new developments are of the idea that Coinbase Custody will surpass BitGo eventually. This is based on the fact that the exchange has the largest number of institutional investors and companies in the world.
Coinbase Pro users perceive this new improvement as an enhance way of removing the need to transfer digital assets to other OTC desks thereby minimizing the risks associated with such transactions.
Finally, it is important to note that Coinbase OTC desk is agency only and all counterparts are required to abide and meet the set AML and KYC policies. The exchange platform has also confirmed that it will continue to safeguard and preserve the anonymity of both parties involved in any transactions and guarantee settlements. Get more cryptocurrency news here.