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Cryptocurrency main exchange Bittrex will launch an OTC trading counter today, January 14, 2018, at 18:00 UTC. The service will allow investors to trade almost 200 digital assets currently offered on the Bittrex trading platform.
OTC trading is popular among institutional investors who trade in large volumes of cryptocurrencies. This form of encryption takes place between two parts and takes place away from exchanges. OTC trades are often managed through intermediaries, which offer high-volume operators a trading desk to execute large transactions with faster settlement and lower fees.
Bittrex will offer users "guaranteed prices" for operations on large blocks starting at $ 250,000 or more.
In a statement to the media, Bittrex's CEO, Bill Shihara, said the OTC service "will further promote the adoption of blockchain technology worldwide," providing high-volume traders with the necessary price certainty and a quick and easy way to negotiate large blocks of digital assets. "
Having opened an international trading platform for non-US players in October 2018, Bittrex is ready to serve large-scale traders with its OTC trading desk. The exchange follows in the footsteps of other US-based digital asset platforms, which have an OTC trading desk dedicated to high-volume traders. This list includes Coinbase, Bitfinex and Poloniex.
In November 2018, Coinbase launched its crypto trading desk over the counter, but the service is only accessible to Coinbase Prime customers. Christine Sandler, Sales Manager of Coinbase, noted that the service would allow exchange customers to "exploit both our exchange and our OTC business". He also hypothesized the future integration of the OTC service with Coinbase Custody.
At the beginning of this month, the cryptocurrency finance company Circle said it had executed 10,000 OTC transactions in 2018, accumulating $ 24 billion in notional volume for average mail.
"At the other end of the spectrum, our OTC trading business, Circle Trade, continued to expand despite a tumultuous year for the industry: we have acquired a record number of new institutional clients."
