Binance.US Launches OTC Desk for Large Orders Above $10,000

2020-5-12 12:43

Coinspeaker
Binance.US Launches OTC Desk for Large Orders Above $10,000

With the uncertain global economic scenario, big investors and institutional players are increasingly looking at the crypto markets. Citing some opportunity here, Binance.US has launched its new OTC trading platform for big orders.

With this feature, all the Binance.US affiliates will be able to process orders above $10,000. Over-the-Counter trading popularly called as OTC trading directly happens between the buyers and seller and doesn’t show up in the exchange’s public books.

OTC Trading for Binance.US Customers

Thus, these OTC trades prevent any volatile price swing that would occur while trading such large sums on a normal exchange. Besides, OTC facilitates the movement of large sums with better privacy and without affecting the market. The official announcement from Binance reads:

The portal is a live request for quotation (RFQ) platform in which users will be able to place and confirm orders and receive quick settlement directly into their Binance.US accounts. The minimum trade size for the portal is an equivalent value of 10,000 USD, with 12 different coins and tokens initially supported for trading. Users simply need to have a KYC verified (Level 1) account on Binance.US to begin using the OTC Trading Portal.

pau, CEO of Binance America, said that there’s an increasing interest among large-value traders for Bitcoin. Even popular Wall Street hedge fund pioneers like Paul Tudor Jones II are looking at Bitcoin investment. Speaking to CoinDesk, Coley also said:

“We just saw Paul Tudor Jones speak up about owning almost 2% of his net worth in bitcoin so as people are wanting to have access quickly into these markets it helps to be able to buy quickly and in lump sizes. Under 10,000 you can buy through our crypto portal, above 10,000 you can use our OTC desk, and you can always trade through market limit orders on our trading platform”.

Bitcoin Network Undergoes Its Third Halving

In another major development, the Bitcoin network has recently gone through its much-awaited third halving event. With this, the Bitcoin mining rewards have reduced to half from 12.5 to now at 6.25 BTC for every block mined.

Over the last few months, Bitcoin has seen some high trading activity. furthermore, as the global markets crashed, big investors and institutions have been looking towards Bitcoin as a potential hedge. You can read more about Bitcoin halving here.

Launching an OTC trading could be the right decision for Binance as they can see an inrush of new customers in this segment.

Binance.US Launches OTC Desk for Large Orders Above $10,000

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Источник: coinspeaker.com

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