Today, New York-based bitcoin telephone commutation itBit announced that it had launched its Global OTC Agency Trading Desk. This way offers over-the-counter trades betwixt large investors together with is targeted toward clients who are interested inwards transactions over 100 bitcoin. This service is similar to brokerage services offered past times Binary Financial or Barry Silbert’s Genesis Trading.
By using an OTC trading desk similar the i introduced past times itBit, large investors tin strength out brand trades straight amongst other traders, without using an exchange. Many institutional investors prefer this because it allows them to execute trades without affecting the telephone commutation lodge books or marketplace prices.
Due to the depression volume, high volatility nature of bitcoin, traders who had to merchandise on the telephone commutation would run into the cost speedily alter betwixt when they started purchasing bitcoin to when they finalized their large purchase. According to itBit, benefits of the company’s novel OTC trading desk include pregnant liquidity, same-day settlement, together with no broker/trading fees.
In a statement, Bobby Cho, manager of trading at itBit, said: “Up until now, the OTC bitcoin trading marketplace has been operating inwards parallel to existing exchanges. With the itBit Global OTC Agency Trading Desk, our customers volition live on able to access a regulated OTC marketplace through their existing itBit telephone commutation accounts, matching OTC buyers together with sellers through itBit’s global network of clients across to a greater extent than than 100 countries.”
