Custody Coinbase announced today the news that she was able to hold off-exchange transaction after its Depositary service was “directly connected” with the OTC division Coinbase Pro.
Earlier the trader had to withdraw assets from cold storage, private keys which are stored on a device not connected to the Internet on the “hot” or online wallet for trading platform to complete the transaction. And during that time, market prices can change quickly, as the transfer of funds required from 24 to 48 hours.
The connection of the two units will allow customers to move funds from cold storage and make OTC purchases and to make payments directly from your Deposit.
“To be able to trade until their funds are safely stored in cold storage, is a feature about which we heard from our customers and this is what they want,” said Sam Mcingvale, CEO of Coinbase Custody Trust.
Indeed, several competitors Coinbase has recently combined the two functions of storage and OTC operations with the same purpose – to accelerate the clearing and settlement of transactions while maintaining the coins in a safe storage.
For example, in January of Genesis Trading entered into a partnership with the company storage BitGo, to their clients can trade without having to remove the coins from an offline store.
Another OTC platform OTCXN, has similar agreements with companies Kingdom Trust and Prime Trust.
Coinbase first launched Custody service for institutional investors in may last year. Later, the exchange was licensed for the storage of cryptocurrency in new York in October 2018. The Department of financial services of new York upheld her application for creation of Coinbase Custody Trust Company LLC, offer services for the storage of cryptocurrency Bitcoin, Cash Bitcoin Ethereum, Ethereum Classic, Litecoin and XRP.
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