Number-one ranked cryptocurrency exchange Binance has announced it had launched its over-the-counter (OTC) trading desks for larger transactions, according to a Jan. 23 blog post.
The new tool, simply known as Binance OTC, offers services geared to users performing trades worth at least 20 BTC ($71,000).
“Our OTC desk allows Binance users to trade larger amounts of many cryptocurrencies listed on the exchange, with transactions being settled via their Binance accounts,” officials explained in the post.
The move makes Binance the latest major cryptocurrency exchange to launch OTC services, following hot on the heels of United States exchange Bittrex last week.
In December, meanwhile, crypto finance firm Circle revealed its extant OTC desk had handled payments worth around $24 billion in 2018.
At the time, cryptocurrency news and research publication Diar further found that an increasing number of major investors had begun to favor OTC over traditional trading methods.
“Institutional cryptocurrency trading on traditional exchanges have lost ground in volumes as Bitcoin is being welcomed into major outfit portfolios this year, with more slated to come online in 2019,” the publication summarized.
An analysis has found that OTC could play host to a battle among industry players to woo institutional funds this year.