US-based digital asset exchange, Bittrex has announced its plans to launch an over-the-counter (OTC) cryptocurrency trading desk.
Bittrex’s new digital asset OTC service will reportedly allow approved customers to “quickly and conveniently trade assets.” At present, the Seattle, Washington-based exchange lets users trade 200 different digital currencies. According to Bittrex’s announcement, the company’s OTC desk will support trading in all 200 cryptos already available on the platform.
Users looking to trade amounts that are at least “$250,000” (or more) on Bittrex’s OTC platform can take advantage of “guaranteed pricing” on all major trades. Unlike trading that is facilitated by centralized exchanges (that are in control of the order-book), OTC desks allow two parties to directly trade with each other.
“One Of The Most Extensive Selections Of Digital Assets”
Bittrex’s crypto OTC platform is scheduled to go live at 18:00 UTC on Monday (January 14th).
Commenting on the launch of the new trading desk, Bill Shihara, the CEO of Bittrex, said it would be a “game-changing option.” He remarked:
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.
Other US-based crypto exchanges including Coinbase and Poloniex also offer OTC trading services. At present, Coinbase’s OTC trading desk is only accessible to its Coinbase Prime clients, who are mainly financial institutions that trade with other businesses.
Blockchain.com, Poloniex Also Have OTC Desks
Meanwhile, Poloniex started offering OTC services to institutions last month. For now, only a limited number of trading pairs are available to Poloniex’s institutional clients, and each OTC order must be a minimum of $250,000.
As CryptoGlobe reported in late September 2018, Blockchain.com, a leading crypto wallet service provider, had launched its own OTC trading desk. The new service aims to give users the opportunity to make large trades without having to use a centralized exchange. Blockchain.com’s trading platform is managed by Vince Machi, a former DRW fixed-income trader, and Jamie Setway, an ITG executive.
Claire Wells, the head of legal and business affairs at Circle Internet Financial, a Goldman Sachs-backed fintech startup, revealed (at CryptoCompare’s MJAC conference) that the company facilitates over $2 billion per month in crypto OTC trading through its Circle Trade division.