By The USA based cryptocurrency exchange recently announced that they would be launching an over-the-counter (OTC) trading desk.
This new offering, will not only enable approved clients to “quickly and conveniently trade assets,” but will also offer almost 200 different cryptocurrencies currently available at Bittrex as per an announcement from the exchange on Monday.
This OTC exchange will feature “guaranteed pricing” for major trades, “typically $250,000 or greater.” according to Bittrex.
You’re probably thinking: just how does an OTC exchange work? Well, it’s pretty simple, OTC trading desks oversee direct transactions between two traders whereas exchange trading sees buy and sell orders going through an order-book.
The trading desk, however, is only set to go live on Monday at 18:00 UTC according to the exchange.
CEO Bill Shihara dubbed their new service “game-changing trading option,” and went on the highlight the vast number of tokens they intend to offer via their new platform:
Shihara added:
“With one of the most extensive selections of digital assets of any OTC desk available, 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.”
Bittrex will be the joining the likes of other US-based exchanges who are launching OTC trading desks, including Poloniex and Coinbase.
While Coinbase’s OTC service will only be available to it’s “Coinbase Prime” customers at first, the service will become available to their institutional clients after some time.
In a similar fashion, Poloniex starting offering institutional accounts last year via their parent company – Circle’s existing Circle Trade service. Circle Trade offers a limited supply of trading pairs to their institutional clients and any customers interested are required to issue the minimum order size of $250 000.
Could the advent of OTC trading desks genuinely lead to better blockchain technology adoption? Let us know what you think by leaving a comment below.
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