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Author Topic: [2019-1-24]Binance Follows Major Cryptocurrency Exchanges With Launch of OTC. .  (Read 87 times)
anamie
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January 24, 2019, 02:48:52 PM
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Binance Follows Major Cryptocurrency Exchanges With Launch of OTC Trading Desk

Number-one ranked cryptocurrency exchange Binance has announced it had launched its over-the-counter (OTC) trading desks for larger transactions, according to a Jan. 23 blog post.
The new tool, simply known as Binance OTC, offers services geared to users performing trades worth at least 20 BTC ($71,000).
“Our OTC desk allows Binance users to trade larger amounts of many cryptocurrencies listed on the exchange, with transactions being settled via their Binance accounts,” officials explained in the post.
The move makes Binance the latest major cryptocurrency exchange to launch OTC services, following hot on the heels of United States exchange Bittrex last week.
In December, meanwhile, crypto finance firm Circle revealed its extant OTC desk had handled payments worth around $24 billion in 2018.
At the time, cryptocurrency news and research publication Diar further found that an increasing number of major investors had begun to favor OTC over traditional trading methods.
“Institutional cryptocurrency trading on traditional exchanges have lost ground in volumes as Bitcoin is being welcomed into major outfit portfolios this year, with more slated to come online in 2019,” the publication summarized.
A Cointelegraph analysis has found that OTC could play host to a battle among industry players to woo institutional funds this year.

Source: https://cointelegraph.com/news/binance-follows-major-cryptocurrency-exchanges-with-launch-of-otc-trading-desk
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January 24, 2019, 02:57:56 PM
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One of the prime attractions of OTC is the personalised service you get dealing with real people. Unlike an exchange you don't wind up as an ignored ticket number if something goes wrong. I hope they follow a similar pattern otherwise there are more attractive options out there.

I guess the main appeal would be OTC for shitcoins. Then again how much demand will there be for one billion dollars' worth of EOS? There's a reason OTC is only for the tippy top projects. 

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January 24, 2019, 04:16:26 PM
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I think the deeper positive effect on this move is a boost in their trustworthiness by launching an over-the-counter desk they are assuring to their clients that their company is real and that they are not hiding their true identity to them. I know their CEO is never shy with this kinds of changes but this one really differentiate them from the pack even if they are still ahead of other exchanges when it comes to daily traded volume, I'll expect their competition to follow what they are offering in order to stay competitive with what they are offering.

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January 24, 2019, 06:55:29 PM
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One of the prime attractions of OTC is the personalised service you get dealing with real people. Unlike an exchange you don't wind up as an ignored ticket number if something goes wrong. I hope they follow a similar pattern otherwise there are more attractive options out there.

I guess the main appeal would be OTC for shitcoins. Then again how much demand will there be for one billion dollars' worth of EOS? There's a reason OTC is only for the tippy top projects.  

If they keep it proportional you won't have to be a billionaire to trade shitcoins. 20 Bitcoins is only 60000 Dollars. Many people have this kind of money and the balls to play with them on a risky market.
Almost everything in the world can be trading OTC. I see only benefits from this being popular with cryptocurrencies. Just don't get all excited with those institutions coming in because the authors like to throw this phrase in wherever they can and it's starting to become an urban legend.

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January 24, 2019, 07:02:40 PM
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If they keep it proportional you won't have to be a billionaire to trade shitcoins. 20 Bitcoins is only 60000 Dollars. Many people have this kind of money and the balls to play with them on a risky market.
Almost everything in the world can be trading OTC. I see only benefits from this being popular with cryptocurrencies. Just don't get all excited with those institutions coming in because the authors like to throw this phrase in wherever they can and it's starting to become an urban legend.

It's not about billionaires, it's about finding demand. There'll always, always be a significant buyer for Bitcoin. You might have to wait weeks or months if you have a ginormous shitcoin bag. I can imagine they're going to get a stampede of people with absolute junk that they can't get rid of without squashing its market flat. This will reinforce the fact no one wants what they have.

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January 24, 2019, 08:03:20 PM
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I guess the main appeal would be OTC for shitcoins. Then again how much demand will there be for one billion dollars' worth of EOS? There's a reason OTC is only for the tippy top projects. 

Don't underestimate the demand for these coins. In all cases, the lack of liquidity in their spot books is an amazing opportunity for whatever large player to buy an insane amount of whatever shitcoin off-exchange, use little capital to pump spot price, sell off-exchange, and repeat.

It's all about percentage returns of most investors/traders, so they just look for an opportunity to make a decent bit of money, and this is a great way to do it, especially with how Binance is one of the largest holders of crypto currencies in the space.

If you look at the volumes, EOS is generating nearly twice as much volume as something like XRP, and that for over a year now. I can see a lot of demand popping up here.


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January 27, 2019, 09:15:10 PM
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It would be useful if binance were to create something that can track OTC trades and welcome others to join as well. If they and coinbase joined forces then we can get a clearer picture of global bitcoin prices

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January 28, 2019, 06:32:16 AM
 #8

It's not about billionaires, it's about finding demand. There'll always, always be a significant buyer for Bitcoin. You might have to wait weeks or months if you have a ginormous shitcoin bag. I can imagine they're going to get a stampede of people with absolute junk that they can't get rid of without squashing its market flat. This will reinforce the fact no one wants what they have.

yup, most of the altcoin and ICO market currently looks like junk bonds, so there's not much point flooding the spot market with supply. for whales, the slippage renders most coins unsellable and pulling a bearwhale might destroy their investment.

an OTC market for shitcoins sounds like a godsend for these holders. i imagine they'll take whatever they can get at this point, if they can just find some liquidity. not sure how much demand will actually surface, but anything is better than nothing i suppose.....

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January 28, 2019, 11:31:18 AM
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It's not about billionaires, it's about finding demand. There'll always, always be a significant buyer for Bitcoin. You might have to wait weeks or months if you have a ginormous shitcoin bag. I can imagine they're going to get a stampede of people with absolute junk that they can't get rid of without squashing its market flat. This will reinforce the fact no one wants what they have.

yup, most of the altcoin and ICO market currently looks like junk bonds, so there's not much point flooding the spot market with supply. for whales, the slippage renders most coins unsellable and pulling a bearwhale might destroy their investment.

an OTC market for shitcoins sounds like a godsend for these holders. i imagine they'll take whatever they can get at this point, if they can just find some liquidity. not sure how much demand will actually surface, but anything is better than nothing i suppose.....
Well that is a good news to shit coins if ever and this will give hope to the shit coins holder to which it could make a good market in the near future if possible with the OTC platform. Actually this is a problem nowadays with team launching a project and leave it behind after it is being listed so therefore a good study might help this to solve the problem and this OTC platform might be the solution for the problem. I guess waiting and hoping will do but should not expect for it.

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