ItBit Introduces Over-the-Counter Trading Desk
Singapore and New York based bitcoin exchange itBit has introduced its itBit Global OTC Agency Trading Desk, a service that specializes in facilitating over-the-counter (OTC) transactions. OTC transactions are bulk trades for bitcoin that are made outside of an exchange's regular order book. It is an often used form of trading when large amounts of bitcoin are involved, in order to prevent bitcoin's exchange rate from either slipping or rising due to one large volume buy or sell. Bobby Cho, Director of Trading at itBit, said: “Up until now, the OTC bitcoin trading market has been operating....
Related News
ItBit has launched its Global OTC Agency Trading Desk, a new, five-person over-the-counter (OTC) trading service that allows customers to complete trades outside its online order books. The trading desk will facilitate transactions of 100 BTC (roughly $28,000 at press time) or more with no broker or trading fees. As part of a limited promotion, new users will also receive $50 in bitcoin for completing their first trade. ItBit Institutional Client Group director Bobby Cho noted that the new product aims to appeal to large volume buyers who want to avoid exchange slippage, whereby their....
Bitcoin exchange itBit recently launched a global over-the-counter (OTC) trading desk that can allow its customers to complete trades outside of its online order books. The five-person OTC service can facilitate transactions of 100 BTC or more with no additional broker or trading fees. In addition, the bitcoin exchange will give the new users of this OTC feature $50 in bitcoin for completing their first trade. According to ItBit Institutional Client Group director Bobby Cho, the OTC service can appeal to large-volume traders who want to avoid trading slippage. OTC Bitcoin Exchange Service.....
Bitcoin exchange trade volumes have soared over the past week as the bitcoin price hit its high for the year. Exchanges are reporting some of the highest volumes seen this year. Over the counter (OTC) trading has also taken off with over three times normal trading volumes according to Genesis Trading. ItBit's Director of Trading Bobby Cho released the trading desk's October 2015 report yesterday showing monthly trading volumes up 42 percent over September: itBit Bitcoin OTC Market Data Summary for October 2015. Total Bitcoin Volume Traded: 41,328 XBT. Total USD Amount Traded: $10.1....
Blockchain startup itBit has taken steps to reorganize its corporate assets. Announced yesterday, itBit officially rebranded as Paxos, migrating its blockchain projects to a new entity under which itBit will now sit as a separate division. The move confirms past indications that its leadership was seeking to rebrand to better highlight its private blockchain and distributed ledger work. According to the company, "Paxos" will now house itBit's distributed ledger efforts, thereby separating this division from its bitcoin exchange and over-the-counter trading services. The rebrand....
Over-the-counter, or OTC, trading refers to any trading that is not done via an automated exchange. What exactly is OTC trading? Who does it, and why? To learn more about what an OTC desk is and how these under the radar exchanges operate, Magazine spoke to a few insiders to get the scoop.The most popular conception of OTC trading revolves around massive off-market deals, like when companies such as MicroStrategy make multimillion-dollar purchases using OTC desks run by the likes of Coinbase or Kraken.OTC trading is, however, not the exclusive domain of the rich, as it can also refer to....