In line with a recent official ‘web-blog post‘, ranked at the first position, Binance cryptocurrency exchange has revealed that it had launched its OTC [over-the-counter] trading desks for larger transactions.
The new tool, merely referred to as Binance OTC, provides services geared to users transacting trades valued at a least 20 Bitcoin’s [BTC] i.e. is around $71,000 USD.
While explaining further, Binance added:
“Our over-the-counter desk permits Binance users to trade larger amounts of several cryptocurrencies listed on the exchange, with transactions being settled via their Binance accounts.”
The move allows Binance the latest major cryptocurrency exchange to launch OTC services, following hit on the heels of U.S. exchange Bittrex earlier last week.
Earlier in Dec., meanwhile, crypto finance firm Circle announced its extant over-the-counter desk handled payments valued around $24 Bln, earlier in 2018.
Explaining further the publication added:
“Institutional crypto traders on standard exchanges have lost grounds in volumes as Bitcoin is being welcomed into major outfit portfolios this year, with additional slated to return on-line this year.”
An another analysis, found that OTC might play host to a battle among business players to woo institutional funds this year.