Binance: Off-exchange Trading Surge to Increase Number of New OTC-platforms
The number of off-exchange trading significantly increased due to the growth of the cryptomarket; it promotes the increase of the trading solutions which are implemented in new trading platforms.
According to Wei Zhou, the great interest of investors to cryptocurrencies motivates developers to create new trading solutions.
“A lot of people who historically worked for high-frequency trading firms have made the jump from traditional equity, and have launched new trading platforms in our space,” he said.
We recall that Binance had revealed its profits for the first quarter of the year this week, the $78 million figure dwarfing previous performance by 66%.
In addition to Binance, exchanges such as Coinbase, Bittrex, and Bithumb have launched dedicated OTC trading desks. As Cointelegraph noted, their emergence comes despite the year’s previously lower market prices.
Except for Binance the services in the off-exchange market offer such exchanges as Coinbase, Bittrex, and Bithumb. As prices increased, it further became apparent that traders in China, for whom OTC purchases of stablecoin Tether (USDT) are one of the few ways to legally enter the market, were paying premiums for coins in fiat terms.
Earlier, there was information that the volumes of investment into off-exchange funds are increasing. For example, Coinbase has bypassed such a large investment-trust as GBTC by Grayscale in regard to off-exchange trade of BTC.