Coinbase is expanding support for fiat currencies and adding additional trading options and trading pairs.
Top fiat-to-crypto exchange Coinbase has announced that beginning today, July 2, 2021, institutional clients will access more trading pairs on its exchange platform. The users will also enjoy additional payment options.
This development is made possible by an expansion of the exchange’s support for fiat currencies. Previously, fiat currencies supported by Coinbase were USD ($), GBP (£), EUR (€), SGD, and CAD, and international clients could only purchase cryptocurrency assets in their local currencies. Going forward, however, Coinbase announced it will make fiat rails available. These fiat rails will allow international clients regardless of their locations the opportunity to make deposits and withdrawals in currencies other than their local currency (including USD, EUR, or GBP). It would also give the traders access to related trading pairs.
Coinbase is easily the biggest Bitcoin exchange on the globe and certainly qualifies as one of the best fiat-to-crypto exchange options. The platform is also considered perfect for beginners or newbies in crypto trading owing to its ease of use, security on deposits, and simple process of sending money. It also allowed its users to automate trading systems.
As of Jan 26, 2020, it was available in 102 countries spread across the globe. The platform offers institutions and foreign clients relatively easy access to the crypto ecosystem through advanced trading and custody technology.
Speaking about the platform, Head of Trading at Wintermute, Morgan Vincent stated that “access to SEN on Coinbase provides us with the flexibility to move USD quickly, keep providing liquidity in fast markets, and take advantage of opportunities.”
It used to be that Coinbase’s major disadvantage was that it was only available on GBP, USD, EUR and restricted your trading by placing a weekly upper limit on how much cryptocurrency you could purchase. However, with this announcement, the disadvantages are effectively dealt with and Coinbase is further positioning to become a truly global trading platform.