U.S based cryptocurrency exchange, Bittrex is launching an over-the-counter (OTC) trading desk which will facilitate major trades typically worth “$250,000 or greater” according to a Monday announcement.
The new Bittrex OTC will be open to approved clients, offering them the opportunity to “quickly and conveniently trade” up to 200 cryptocurrencies already supported by the crypto exchange.
CEO Bill Shihara is reported by Coindesk to have described the new offering by Bittrex as a “game-changing trading option,” before adding that,
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 the 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.
As per the report, Bittrex OTC trading desk is expected to go live at 18:00 UTC on Monday.
U.S Exchanges Launching OTC Trading
With the latest announcement, Bittrex has added its name to a list of U.S based cryptocurrency exchanges to launch OTC trading in the last few months.
In early December, Delaware-based, Poloniex and San-Francisco based, Coinbase launched OTC trading, although the latter is focused on institutional clients. However, the similarities between the OTC trading rolled out on the exchange is that the minimum order is $250,000.
Over-the-counter trading (OTC) is a feature which allows two parties on an exchange to transact directly with one another. This is in sharp contrast to the normal way of trading where customers orders are filled by the exchange in an order book.
As a crypto enthusiast, Anthony Pompliano pointed in November, OTC trading goes down well with institutional clients, no wonder exchanges are now incorporating the offering.