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Cryptographic exchange in the United States. Bittrex is launching an OTC (over the counter) trading counter.
The new service, which will allow authorized customers to "swap resources quickly and conveniently", will support almost 200 cryptocurrencies already offered by the exchange, the company announced on Monday. According to the exchange, the OTC desk will provide "guaranteed prices" for the main transactions, "generally $ 250,000 or higher".
OTC trading desks facilitate direct transactions between two parties, unlike exchange trading where purchase and sales orders are matched via a trading book.
On Monday, the desk will not be available until 6:00 pm UTC, Bittrex said. In a statement, CEO Bill Shihara defined the new offer as a "revolutionary business option", highlighting the number of tokens Bittrex intends to offer on the new platform.
He added:
"With one of the most extensive digital asset selections of any OTC counter available, this offering will be another way for Bittrex to further promote the adoption of blockchain technology worldwide, while providing customers with price certainty and quick and easy way to negotiate large blocks of digital resources. "
Bittrex joins other US-based stock exchanges for the launch of OTC trading desks, including Coinbase and Poloniex.
Coinbase's OTC service will be available to its institutional clients, although the service is currently limited to its Coinbase Prime customers, which means that financial institutions negotiate with other corporate funds.
Likewise, Poloniex began offering institutional accounts last quarter, in addition to its current Circle Circle product. Circle Trade offers institutional clients a limited number of trading pairs last month for institutional clients. Customers wishing to participate must also issue a minimum order size of $ 250,000.
Editor's Note: This article has been updated.
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