BlockFi Rolls Out OTC Trading Desk for Institutional and Ultra-High Net Worth Users
Having built up a solid reputation as a crypto-financial service, BlockFi has announced the launch of its Over-The-Counter (OTC) trading desk. According to its press release, the desk draws in institutional investors and Ultra-High Net Worth (UHNW) traders.
The BlockFi team shares how its OTC counter will enable traders to conduct and process trades between themselves, without the need for third-party exchange order books. Zac Prince, Co-Founder, and CEO of BlockFi said,
“Existing institutional clients are already using many of these BlockFi services independently, and have noted the benefits of having a one-stop destination for their digital asset trading and financing needs.”
“With institutional interest in digital assets growing rapidly, we’re proud to offer a specialized product to meet their needs and help them participate in an exciting and growing asset class.”
The OTC desk will serve traders in the U.S. and Asia to help institutional and UHNW traders across the world. At its foundation, BlockFi's desk provides traders with liquidity through the use of CME Bitcoin Futures while providing support for spot trading in digital assets like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
Growing Markets, Expanding Interest
The introduction of a new OTC trading desk by BlockFi comes when interest in the digital asset market reaches a fever-pitch. Ongoing bullish performance by Ethereum and Bitcoin means that more renowned investors have begun entering the fray. Investors such as Anthony Scaramucci and Stanley Druckenmiller have explicitly shared their positive takes on cryptocurrencies, for example.
Just this week, the asset management company, responsible for over $7.8bn in assets, BlackRock steadily walked towards Bitcoin as it approved 2 of its funds to start buying into Bitcoin Futures.