Coinbase argues that the trade occurred after its Custody service had been integrated with the OTC desk at Coinbase Pro. This step marked the availability of ‘immediate’ liquidity. Previously, a trader would have to withdraw assets from cold storage to a hot (or online) wallet at a trading platform in order to execute a trade. On a cold storage, the private keys are kept on a device not connected to the internet. Now, clients can leverage the OTC desk without needing to move funds out of cold storage, and can buy OTC and settle assets directly into Custody.
Coinbase launched its Custody service for institutions in May 2018, but it went live in June. The exchange was later approved as a crypto custodian in New York state in October 2018, after the New York Department of Financial Services granted its application to create the Coinbase Custody Trust Company, which offers custody services for Bitcoin, Bitcoin cash, Ethereum, Ethereum classic, Litecoin, and XRP.
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