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US cryptocurrency exchange launches over-the-counter trading desk

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US cryptocurrency exchange launches over-the-counter trading desk

U.S. cryptocurrency exchange Bittrex Inc. has launched an over-the-counter trading desk that will support nearly 200 cryptocurrencies already offered by the exchange.

The OTC desk will provide "guaranteed pricing for large trades," which Bittrex classified as typically at least $250,000. It will accept both digital asset deposits and U.S. dollar wire transfers.

The trading desk, which launched Jan. 14, was prompted specifically by customer interest, Chief Strategy Officer Kiran Raj said in an emailed statement. CEO Bill Shihara called it a "game-changing trading option."

Bittrex joins two others — Coinbase Inc. and Poloniex LLC — in offering a cryptocurrency OTC trading desk in the U.S.

Coinbase launched its service for financial institutions trading with other business funds in November 2018, but intends to integrate the service with its institutional product in the future, CoinDesk previously reported.

Poloniex began offering institutional accounts in the fourth quarter of 2018 on top of Circle Trade, a product from its parent company, Goldman Sachs Group Inc.-backed Circle Internet Financial Ltd. Customers can trade supported cryptocurrencies at a minimum order size of $250,000, according to the company's website.