OTC Exchange Network (OTCXN) Blockchain Platform Pilots Fiat-Crypto Trades
The OTC Exchange Network (OTCXN) is an institutional blockchain trading platform, and their innovations have impacted the whole of cryptocurrency. On June 27th, the company made new strides in their first pilot fiat-crypto trades. These transactions were performed with their peer-to-peer trading technology, which could easily attract additional users to their platform.
OTCXN made a statement to the press regarding this major innovation in their blockchain technology. Essentially, they are moving towards a simpler conversion between crypto and fiat currency. In reference to the live test trades, the company has said the transactions are,
“the world’s first exchange of tokenized US Dollars and tokenized Bitcoin between two separate trading accounts over an electronic trading platform with assets held in safekeeping at a neutral custodian and digitized on blockchain.”
These transactions are part of a bigger picture, helping the economy to accept cryptocurrency institutional trading as part of their mainstream financial options. There is less risk of security breech and fraud, since the user doesn’t have to rely on the standing of other traders. In fact, it completely eradicates the need for conventional mediators that are normally needed for a P2P community.