Blockchain.com which is one of the renowned names in cryptocurrency wallet service providers now emerges with an over-the-counter(OTC) trading desk. Evolving of such project will facilitate the users to access the large volume of trades outside the public exchanges. However, Kraken and it Bit are following the similar trading options, and OTC trading desk is entirely dissimilar from other exchanges and procedures.
Conor Maloney, at CryptolsComing, explained the paradigm of OTC trading desk that how users can be benefited by using the OTC trading desk.
OTC stands for “over the counter,” and it’s a way for the super-wealthy to buy and sell Bitcoin and other assets or cryptocurrencies without seriously inflating or deflating the price thereby maximizing their trading power. A regular exchange can’t handle the purchase of several million dollars worth of Bitcoin in one go.
Moreover, OTC trading doesn’t put much concern on slippage by giving access to private trades outside of exchanges.
As per the records, Blockchain’s wallet is the most renowned in the world, till now it has performed more than 28 million downloads and $200 billion in transactions. Out of which company has raised more than $70million from the leading investors in Silicon Valley, Wall Street, and London, according to their website.
According to other resources, the trading desk will be under the supervision of former DRW fixed-income trader Vince Machi and ITG executive Jamie Selway. A source indicated that the firm was positioning itself for the next spike in cryptomarket.
OTC trading desk is a lure to institutional investors who are keen to invest and wish to make themselves a part of the industry. They are anticipating new market by serving to high dollar clients who are incorporated for long with traditional banking world, such as custody services. Custody services are boon to institutional investors who are not familiar with the technology. It could be the better mean to invest in cryptocurrency without the risk of human error.