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While the major banks are taking their time with offering OTC crypto trading, new entrants to the space are stepping up to fill the void. Social investing platform Etoro, which focuses mainly on retail traders, is now expanding into the institutional segment with a new cryptocurrency offering. Also Read: This Week in Bitcoin: An End to 51% Attacks and Who Controls Bitcoin? New Crypto Trading Desk for Hedge Funds Etoro, which recently announced that it is expanding into the US with ten cryptocurrencies, is reportedly setting up an over-the-counter (OTC) trading desk in London for institutions wishing to trade on cryptocurrencies. The platform is connected to fifteen cryptocurrency exchanges from which to pool liquidity and is also said to be planning to launch one by itself. The move is explained as answering demands from hedge fund owners who expressed interest in experimenting with crypto trading. “We are launching an OTC desk for institutions. We’ve seen more and more interest from corporates and institutions,” CEO Yoni Assia told Business Insider. “We’ve actually set up our corporate team here in the UK to start setting up accounts to trade on eToro. We’ve announced that we’re launching the exchange as well so, between the exchange and the OTC desk, we’re also starting to serve more potential institutions and financial institutions.” The Growing Institutional OTC Crypto Market Institutional OTC desks help big players whose massive transactions might move the markets if they were done in the open. And trading outside popular exchanges can also…
Source: Etoro Is Launching an OTC Crypto Trading Desk for Institutions
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