Yahoo Finance Bittrex Launches OTC Trading Desk With 200 Cryptocurrencies
U.S. crypto exchange Bittrex is launching an over-the-counter (OTC) trading desk.
The new service, which will allow approved clients to “quickly and conveniently trade assets,” will support nearly 200 cryptocurrencies already offered by the exchange, the company announced Monday. According to the exchange, the OTC desk will provide “guaranteed pricing” for major trades, “typically $250,000 or greater.”
OTC trading desks facilitate direct transactions between two parties, unlike exchange trading where buy and sell orders are matched through an order-book.
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The desk itself will not go live until 18:00 UTC on Monday, Bittrex said. In a statement, CEO Bill Shihara called the new offering a “game-changing trading option,” highlighting the number of tokens Bittrex intends to offer on the new platform.
He 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 joins other U.S.-based exchanges in launching OTC trading desks, including Coinbase and Poloniex.
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Coinbase’s OTC service will be available for its institutional clients, though the service is currently restricted to its Coinbase Prime customers, meaning financial institutions trading with other business funds.
Similarly, Poloniex began offering institutional accounts for a limited number of trading pairs last month for institutional clients. Any customers looking to participate must also issue a minimum order size of $250,000.
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