Crypto Solutions Provider Mothership Launches OTC Trading Desk With (MSP/BTC And MSP/ETH) Pairings
Crypto Solutions Provider Mothership Launches OTC Trading Desk
The cryptocurrency solutions provider Mothership announced on February 5 that they are launching a new OTC trading desk for MSP/BTC and MSP/ETH trading pairs. The information was released by Linh Le, in charge of media and communications at Mothership in a recent blog post.
After the Cryptopia incident, Mothership decided to swap the affected tokens and stop trading of MSP on all exchanges. Cryptopia is a New Zealand-based cryptocurrency exchange that was attacked by hackers a few weeks ago. The digital currency platform lost several millions of dollars from users.
At the same time, Mothership is releasing an over-the-counter (OTC) trading desk that will be available as a website and later integrated into a mobile application.
Due to the fact that Cryptopia was one of the main exchanges that listed the MSP digital currency, their ‘maintenance’ mode has caused a major gap for MSP/BTC and MSP/ETH markets. Because of this situation, the hacker started to move and sell the tokens on other exchanges that listed MSP tokens.
Mothership decided to halt trading in other exchanges in order to avoid money laundering activities and keep hurting MSP users and holders.
We are excited to announce the opening of our OTC Desk! Read the article to learn how it works and why we decided to open it. You can already submit your orders, and we will begin matching tomorrow 10am Tallinn time. https://t.co/d3scjeCR3d
— Mothership (@MothershipCX) February 5, 2019
In order to solve this problem, Mothership launched a legal way of trading MSP through an OTC Desk. The intention is to take precautionary measures and ensure that trading on the platform is legal and the funds are not mixed with those of criminal origin.
According to the blog post, they have already developed most parts of the Mothership exchange which are currently at the final stages of development.
On the matter, Linh Le wrote:
“Creating the OTC Desk will not only fill in the gap of the current market but also allow us to test the Mothership Mobile App since the orders are preferably placed through this channel. In addition, this OTC Desk is a perfect way to test our seemingly visible but very crucial backend solutions that determine the success of the exchange.”
In order to operate Mothership received a license by the Estonian authorized body and they have the permission to operate a full cryptocurrency exchange.
The OTC web version was launched on Wednesday, 06 February 2019, at 10 AM Tallinn time. The working hours are from Monday to Friday, 10-17hs Estonian time. Matching will happen only during this time frame.