After a number of large crypto exchanges throwing their hats into the ring of OTC crypto trading Bittrex has also decided to jump in. The OTC trading desk of this exchange is now live, with guaranteed pricing being a major feature.
It seems that over-the-counter (OTC) market is becoming a new attractive opportunity for all major cryptocurrency exchanges. After Circle, OKEx and Bitfinex now Bittrex has also announced its own OTC trading desk for cryptocurrencies, which shows how much interest exchanges are taking in this new market of crypto trading where large trades are executed by big players.
The OTC crypto trading desk of Bittrex will offer the same 200 crypto assets for trading that are available on its regular exchange platform. Company’s CEO Bill Shihara said about the trading desk in his announcement:
“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 plans to differentiate its offering form that of its rivals on the basis of pricing. A guaranteed pricing structure will be the major feature of Bittrex trading desk for trades of more than $250,000.
OTC trading desks have become a major trend among cryptocurrency exchanges. While OKEx, Circle and Bitfinex already have their OTC desks live, Coinbase is going to roll it out soon. And why not – after all, OTC markets are emerging as major sources of income for these exchanges! For example, Circle clocked $24 billion in OTC trade volume during last year. Now why would other exchange not want a piece of this pie? Therefore, it shouldn’t be surprising if other exchanges also start rolling out their respective OTC desks in the coming days.
OTC trade volume has also been a hot topic of debate in the recent days. For example, Binance CEO Changpeng Zhao had said during an interview that he suspects OTC market of cryptocurrencies to be twice as large as the open exchange market. In case you don’t know, OTC refers to the trades that happen directly between two parties. They usually don’t involve any exchange or any other third-parties, and the parties involved get to decide the prices of their choice.
Now it will be interesting to see which other exchanges come out with their own OTC trading desks in the coming days.