KuCoin Trials New Crypto-Fiat OTC Desk, to Offer USDT/CNY Trading Pair for Starters
Crypto exchange KuCoin has said that they will launch the trial period of trading USDT/CNY. According to the exchange, the launch of the KuCoin OTC will fully satisfy the requirements of the users and further improve the development of the KuCoin ecosystem.
KuCoin Launches The OTC Trading Desk
The KuCoin OTC Trading Desk is now online. Users can click “OTC” in the navigation bar to access the trading desk directly.
The USDT/CNY OTC service will initially be provided during the trial operation.
— KuCoin Updates (@KuCoinUpdates) July 2, 2019
Users will be able to buy tokens or coins via the supported fiat currency on KuCoin OTC. More tokens and fiat currencies will soon be provided on the platform. The blog post goes on to say:
“During the initial operation, the fiat-token trading will be temporarily closed from 00:00:00 to 07:59:59 (UTC+8) each day. Please stay tuned to the latest announcements regarding operation hour changes of the OTC services.”
OTC trading is becoming increasingly popular within the crypto exchanges. If you’re a trader who wants to purchase a large amount of cryptocurrency, buying coins or tokens through a traditional exchange exposes you to several problems. Not only can slippage greatly increase the cost of a trade, but you’ll also need to deal with the risks of hacking and theft that come with trading on an ordinary exchange.
This is where over-the-counter (OTC) trading comes in. OTC trading is a service available to high-volume traders, meaning it is only available to certain individuals or groups. OTC desks also provide anonymity that is often impossible to achieve on a centralized exchange.