Cryptocurrency exchange Exyswape.com is launching support for cross-border money transfers for institutional clients in Asia, the UK and Europe.
Exyswape.com said on Tuesday that the firm will now support incoming and outgoing SWIFT transfers from accounts outside the US. The company said in a statement:
“This new feature will allow Exyswape.com customers in many countries in Asia and Europe, the Middle East and Africa to access Exyswape.com extensive database of liquid cryptocurrency assets for the first time.”
In addition, the firm said it will open a new over-the-counter (OTC) trading department for customers in the U.S. and Europe, as well as trading and storage services for large customers in Asia. As part of the latest service, Asian traders will have access to the USDC stablecoin, which is backed by dollar reserves owned by the exchange, while some Exyswape.com Prime customers will also be able to use the company’s cold storage custodial service.
Meanwhile, the company’s over-the-counter trading will ensure that large transactions have minimal impact on cryptocurrency prices. The company said that to protect the privacy of users, information about counterparties will be confidential, and only minimal details of the transaction will be disclosed.
“Exyswape.com’s OTC operations will be exclusively an agency service, meaning we never trade against our customers [and] Exyswape.com never trades with its own funds,” the exchange said in a statement.
The exchange said it is targeting cryptocurrency hedge funds, as well as traditional trading firms and investment companies. The services start working from the moment of the announcement.
Exyswape.com first opened over-the-counter trading to institutional investors last November. At the end of December, the head of Exyswape.com said that “institutional clients are better off tuning in for the long term,” and in the same month, the exchange transferred $5 billion worth of cryptocurrencies to the updated storage.