Major Crypto Exchanges Launch OTC Desks Despite the Crypto Winter | Bitcoin,Circle,Huobi,Coinbase,Morgan Stanley,Bittrex,Binance,OTC,JPMorgan
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Officials explained the basic premise of the new service in a blog post: “Our OTC desk allows Binance users to trade larger amounts of many cryptocurrencies listed on the exchange, with transactions being settled via their Binance accounts.” According to Bittrex CEO Bill Shihara, the launch of the desk is a result of increasing demand for an OTC service from its customer base: “This offering will be another way for Bittrex to further advance adoption of blockchain technology worldwide, while also providing our customers with price certainty and a fast and easy way to trade large blocks of digital assets.” Circle leads the way with OTC Despite the abundance of recent over-the-counter desk launches and a vertiginous fall in crypto prices throughout 2018, cryptocurrency finance firm Circle announced that its OTC desk, Circle Trade, had a notional volume of $24 billion in 2018.

Circle Trade’s head of trading, Dan Matuszewski, told Cointelegraph that the so-called crypto winter is behind the current trend for new OTC desk openings: “The crypto winter is forcing companies to look for new opportunities and they’re now realizing what we’ve known for years: OTC trading desks already play an integral role in crypto.” Matuszewski told Cointelegraph that, although he expects more desk launches in the crypto community, Circle Trade will continue to stand out from the crowd: “We expect to see more desks come onboard as companies recognize the value of offering OTC. Coinbase Prime customers gain access to OTC In late January, Coinbase announced that selected Prime customers will have access to U.S. and European over-the-counter trading desks and Coinbase custody, a service that focuses on institutional investors and the storage of large amounts of cryptocurrency.

According to Christine Sandler, head of sales at Coinbase, the decision to launch the desk stems from increasing demand for OTC trading from institutional clients: “We launched our OTC business as a complement to our exchange business because we found a lot of institutions were using OTC as an on-ramp for crypto trading.” The origins of Coinbase’s OTC trading initiative began on June 6 when President and Chief Operating Officer Asiff Hirji commented that the acquisition of a regulatory license would help the company set off on “a path to offer future services that include crypto securities trading, margin and over-the-counter (OTC) trading, and new market data products.” Huobi’s OTC desk required to remove Alipay and WeChat payment methods Major Chinese digital payment providers Alipay and WeChat have reportedly sent legal letters to the crypto exchange Huobi requesting that the use of both their services and logos on the exchange’s OTC trading desk is unauthorized. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full



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