Coinbase Integrates Its Custody Service with OTC Desk, Conducts First Trade from ‘Cold’ Storage

  • Alex Dovbnya
    📰 News

    🏁💪Coinbase is working hard to keep up with its competitors in the cryptocurrency custody race🏎️


Coinbase Integrates Its Custody Service with OTC Desk, Conducts First Trade from ‘Cold’ Storage
Contents

Coinbase, the leading US exchange, has recently made an announcement in its blog post about merging Coinbase Custody Trust with the company OTC desk. That allowed the crypto giant to conduct the very first OTC trade directly from ‘cold’ storage.

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Coinbase Custody Now Holds More Than $500 Mln in Digital Assets

Crypto Custody + OTC Trading

According to Coinbase, the tie-up is a ‘major unlock’ for their customers given that they are not able to get immediate access to liquidity. The timing is crucial in the highly volatile cryptocurrency market – it would take usually take more than 24 hours to transfer funds from cold storage to the exchange’s hot wallet. During that period of time, the price of a given asset can drastically change.

Fast and secure trading

Coinbase’s Sam McIngvale claims that the combination of its two services was a popular request with their customers whom the San Francisco-based company heard ‘loud and clear.’ Investors have a possibility to trade their funds in a snap without worrying about safety problems that are usually associated with hot wallets.

Keeping tabs on competitors

The news shouldn’t come as a surprise for anyone who’s been following the cryptocurrency custody race. As reported by U.Today, BitGo inked a partnership with Genesis Global Trading to allow its customers to buy and sell digital assets directly from cold storage.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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