According to recent news published in CCN, recently Binance as their undertaking wing declared that a significant investment has been undertaken in US over-the-counter (OTC) crypto trading counter with Koi Trading.
As per the company sources, Binance Labs announced that it had made a $3 million investment into Koi Trading, a slight amount for the world’s major cryptocurrency exchange, but a distinguished one, however. Koi Trading which is an OTC transaction operation that is placed in San Francisco, CA. The company has been aiming to be an acquiescent comprehensive solution for Pvt crypto liquidity. The firm also provides help with information science, measurable investigation, and obedience referring work.
Commenting on the company’s choice to capitalize in Koi, Ella Zhang, Head of Binance Labs stated that, Koi Trading’s task is to connect crypto and fiat in an acquiescent method. These bring into line with the broader idea at Binance to shape the substructure which offers the liberty of value exchange internationally.
Koi has a knowledgeable team of originators, like founder and CEO Hao Chen, who feels that the company’s group of knowledgeable dealers and transactions workers will link services to knock into massive networks of counterparties in many places such as Asia, North America, and the EU, connecting the breach that splits the present OTC setting.
OTC Occurrence in Cryptocurrency Markets:
OTC trading in China is predominant, even more so afterward all the other cryptocurrency exchange prohibitions, guidelines, and problems. Now, the maximum number of Chinese OTC cryptocurrency trading is harmonized consuming a chat app called WeChat. Though, these existing approaches leave them complicated with no simple, specialized decision where they can have faith. Binance Lab’s teamwork along with Koi Trading seems to be a considerable aid to correct OTC interchange problems internationally, providing customers with one of the best choices.
As per Chen “With Koi’s healthy AML package, wide-ranging investment relations in the US, speculation from Binance Labs, and robust faith between counterparties in the Larger China, we wish to be the market connection that decreases trust and info asymmetry and develops crypto OTC deal close rate.”
The OTC market is booming outside of China, as well, even amid the current bear market. Earlier this year, CCN reported that Circle’s OTC crypto trading desk was seeing individual trades to the tune of more than $100 million.
According to local reports, the daily trading volume of major cryptocurrencies like Bitcoin and Ethereum in Moscow alone reach $50 million on peak days, which is relatively small in comparison to major cryptocurrency exchanges but largely given the regulatory uncertainty in Russia.
Currently, investing in cryptocurrencies is not illegal based on local laws. Because cryptocurrencies are considered as properties, as long as the capital being invested in the cryptocurrency market comes from a legitimate source, it is technically legal for citizens and residents of Russia to hold cryptocurrencies.
The matter of agreement between a buyer and a seller.”