Transactions through Binance Accounts with OTC Attracts AdoptionJanuary 24, 2019
Bitcoin is undeniably the best of all the cryptocurrencies concerning valuation, despite its drawbacks.
When compared to the last year, the current cryptocurrency market is far healthier. There are several good opportunities for investing.
Changpeng Zhao, the co-founder of Binance, opines that there were tons of bad opportunities and people invested in it, today when there are really good opportunities and the valuations being good with really good projects they are very enthusiastic about investing.
He further added that Bitcoin was at $300 about two years ago, the current benchmark at $3000 is not “not bad at all.”
When talking about the fundamental changes that are taking place at Binance like the launch of the fiat exchange in 2019, he stated that they would want to build about 5 to 10 fiat on-ramps in different parts of the world. He is hopeful that they will be spreading to different continents with this year’s focus to be to get the Fiat on-ramps mark as well.
Binance is targeting the fiat exchanges to expand their brand in the space. He quoted that there are “Overwhelmed with demand” in their Jersey market. He stated that there is “pent up demand there.”
Zhao opined that currently there is so much of fiat currency in money. He wished that there would be a time when the cryptocurrency would be used widely as much as fiat in a decentralized market.
Binance has launched its OTC trading desks for large transactions. Binance OTC provides for users who are involved in trades worth 20 BTC ($71,000).
Binance officials stated that their OTC desk permits Binance users to be able to trade huge volumes of cryptocurrencies on the exchange. The transactions will be settled through the Binance Accounts.
In the past week, US-based cryptocurrency exchange Bittrex launched their OTC services. Several other exchanges are launching their own OTC desk.
It has been seen that major investors are interested in favoring OTC over the traditional trading methods.
It is expected that most of the institutional cryptocurrencies who have been trading on traditional exchanges might soon move to OTC platforms.
Large volumes of cryptocurrencies can be transacted in a single trade. Big trades can be cleared at a single price. The order books will not be touched, and therefore the trades will be executed privately. A direct settlement will be made to Binance accounts, thus eliminating the need for working through different wallet addresses. OTC thus is improving adoption.