The American Cryptocurrency Exchange Coinbase opened its OTC tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details platform earlier this month.
At Ceddar's news on Tuesday, Coinbase's head of sales department, Christine Sandler, said the firm launched OTC as an addition to its stockbroker business.
"Our task is to use the OTC business to its fullest extent, and we believe that this is a huge benefit for our customers," Sandler said.
Now, the OTC service is available to Coinbase Prime customers, that is, financial institutions that want to trade with business funds.
In the future, according to Sandler, the service will most likely be integrated with Coinbase Custody, its institutional product available to hedge funds and other high-end customers, which was launched in July.
Coinbase first revealed its plan to offer an OTC trading platform in June when its CEO and president, AsiffHirji, said that acquiring legal service licenses would help the firm "find a way to future services that includes trading in securities, profit margins, and new market data".
The stock exchange has been approved by the New York State Department of Financial Services to form a qualified leasing firm at the end of October.
With the launch of Coinbase, it joins other well-known cryptocurrency companies offering OTC services. Goldman Sachs, sponsored by the crypto-finance firm Circle, also has an OTC called Circle Trade, available for both individual and institutional investors.
Editor: Yuliya Soroka