Binance has built a massive ecosystem in providing crypto-related products services. Starting with an exchange in 2017, it quickly became the largest Exchange in the game and now has launched a plethora of products. From (Decentralized Exchange) DEX and to an online crypto academy and Charity Foundation, Binance offers it all.
Binance has now launched a crypto OTC-like (Over-the-Counter) trading feature – Block Trading. It will offer a personalized way for users to trade large block sizes (above 10 BTC orders).
According to the blog post, while Block Trading is similar to OTC desk in pre-determining the price of purchase orders, it is a lot faster than the traditional OTC desk. Moreover, Binance plans offer almost all altcoins on its platforms.
The Blogspot noted,
“as part of that ecosystem we are in touch with traders who can provide extremely competitive pricing and liquidity in not only BTC but also in altcoins – and not just the likes of XRP, BNB, and ADA, but also less liquid coins such as MANA, AION, and ENJ.”
Due to the lower volume at times, a significantly large order has a tremendous effect on the market. It has taken this initiative to avoid FUD and FOMO in the market as well.
The main purpose of an OTC desk is to establish trust between the buyer and seller apart from the price. The OTC desk also acts as escrow for the time the orders are being executed. Binance plans to offer almost instantaneous settlements between both the accounts.
Job Openings at Binance
“never thought I would say something like that on Twitter, but … whatever it takes to get the best team”
Will the Block Trading desk be good for the industry? Please share your view with us.
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Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com