Blockchain market infrastructure specialist OTCXN has launched its OTC block trading venue for cryptocurrencies for institutional investors.
The platform is now live for clients with accounts at custodians on the OTCXN network, including Kingdom Trust and Prime Trust, which are US custodians providing services for fiat and cryptocurrencies.
It will offer trading in fiat-for-crypto, crypto-for-crypto and fiat-for-fiat, with cold storage and an immutable record of all transactions kept on the proprietary blockchain for greater transparency.
“Clients can now trade without risk to their counterparty and without waiting for settlement payments to hit their account or wallet, ” said Rosario Ingargiola, CEO and founder of OTCXN. “The immediate re-tradability of crypto assets with no public ledger transactions means more trading opportunities for our clients.”
OTCXN added that later this year, it plans to launch its matching engine, LiquiMatch, as a dark pool and lit central limit order book-style exchange for cryptocurrency trading. The new services will provide clients with liquidity across all of its venues via a single account at a custodian.
Speaking with The TRADE Crypto in July, OTCXN’s Ingargiola, said that the company is look to provide a demonstrated solution to issues related to volatility, liquidity and counterparty and settlement risk in crypto markets.
“Right now the market is very immature and there is a complete lack of true institutional-grade trading markets infrastructure in the crypto space,” he said. “We will be running four different types of marketplace solutions that organise global liquidity and which are all interconnected on our network.”