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 be seen as risk management, for trying to avoid losing funds in the case of another exchange hacking incident.
The launch will initially enable U.S.-based users to invest in 10 cryptocurrencies, with more to be added throughout 2018. Users will have access to a community feed and tools, letting them engage in conversations about cryptocurrencies and follow the investment strategies of other U.S. users
The launch will initially enable U.S.-based users to invest in 10 cryptocurrencies, with more to be added throughout 2018. Users will have access to a community feed and tools, letting them engage in conversations about cryptocurrencies and follow the investment strategies of other U.S. users
In the US, Circle Financial and Cumberland Mining operate OTC crypto services and Goldman Sachs was reported to be in the process of entering the field, although its CEO has denied the rumors. Additionally, JP Morgan and Fidelity are said to be assessing a move into the space. In the UK, Barclays was reported as supposedly considering launching a crypto trading desk back in April. And financial industry insiders, like David Mercer the CEO of LMAX, which recently launched a physical crypto exchange dedicated to institutional clients, expect UK banks would eventually join the market next year. In the meanwhile, big players have also set up their own private network for OTC trading, buying and selling billions every month among themselves via Skype.
“I think there is growing institutional demand and interest of public investors to understand whether they can join the party,” Etoro CEO Assia said. “That is something we definitely see out there. We see more and more public market players and big banks who are interested in this space and feel left out because they’re not allowed to invest in crypto or ICOs.”
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