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It has long been argued that institutional money would have changed the flow of cryptocurrency prices in the days to come. A lot of eyes have been glued to Bitcoin's ETF, but it's still some distance away. While the institutions were waiting to enter the encrypted markets, the recent fall in prices has made things profitable for them. And the best sense comes from the fact that in the last week two of the main cryptographic exchanges – Coinbase and Poloniex have launched specialized services for them.
Poloniex introduces institutional accounts while Coinbase leads into the OTC trading desk for institutions
In his recent announcement via his blog post, Poloniex said institutional accounts are now available on Poloniex. The exchange also indicated that it is focused on meeting the advanced trading needs of institutions that include higher withdrawal limits and professional customer support from a dedicated account manager team in our Customer Services department. The highly qualified exchange team will guide every institutional client through the onboarding process, coordinate the resolution of problems among multiple teams and support current trading activities.
Institutional accounts will have access to several encryption pairs and various exchange API interfaces. The free transactions for all the bitcoin / USD coins available for the entire month of December to Poloniex customers would also be applicable to these new institutional accounts.
Another important exchange, Coinbase recently disclosed the beans on the start of an over the counter (OTC) trading counter at the beginning of November. According to the major media houses, the launch, however, was kept hidden. According to officials, the company, which was recently valued at $ 8 billion and raised $ 300 million in its latest round of financing, was the first to assess the response to the new customer offering.
The development was previously reported by CNBC. Tim Plakas, OTC's chief trader for Coinbase, said:
"We wanted to make sure we checked all the boxes before we got public, we needed to have some of our trusted institutional clients on board and we were in beta mode to make sure all the pipes worked"
In addition, the OTC desk is currently available only to qualified investors on Coinbase Prime, the company's institutional platform. As with company officials, the company will later introduce the offer on Coinbase Pro, the platform for advanced traders and will also connect it to its custody business.
While these are some recent announcements, exchanges have launched institutional products for over a month.
Goldman Sachs-backed Circle, which happens to be the parent of Poloniex, already has an OTC bank with a minimum entry point of $ 250,000.
Well, the exchanges seem to signal the institutional entry into the encrypted markets, everyone is simply waiting for the trigger point that would make the market pay to go up. Will Bakkt or Will be the Bitcoin ETF, we will have to wait and watch
Do you think that institutions are finally entering the cryptic game? Let us know your opinions on the same
Summary
Item name
Cryptographic exchanges indicate the arrival of institutional money with the launch of special targeted services
Description
It has long been argued that institutional money would have changed the flow of cryptocurrency prices in the days to come. A lot of eyes have been glued to Bitcoin's ETF, but it's still some distance away. While the institutions were waiting to enter the encrypted markets, the recent fall in prices has made things profitable for them. And the best sense comes from the fact that in the last week two of the main cryptographic exchanges – Coinbase and Poloniex have launched specialized services for them.
Author
Nilesh Maurya
Publisher name
Coingape
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The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.
