Cryptocurrency exchange Huobi has launched a fiat-to-crypto and crypto-to-crypto OTC desk for institutional investors and high net-worth individuals.
According to a press release shared with Coin Rivet, the OTC desk has been built on Huobi’s Gibraltar FSC-issued Distributed Ledger Technology (DLT) license.
Gibraltar has been an industry leader in the issuance of DLT licenses this year, with Huobi becoming one of the first firms to secure a license, as reported by Coin Rivet earlier this week.
“We see a lot of appetite out there from players in more established financial markets when it comes to digital assets, but many are still uncomfortable jumping into unregulated trading environments,” said Jeff Adams, Senior Sales Manager for Huobi Global.
“We also see an unfilled need for services aimed at those looking to make large-volume transactions. Huobi OTC Desk is a big step forward to filling both of those needs.”
Very proud to announce the launch of Huobi #OTC Desk, a customized – and fully regulated – service for high volume traders. Built on our Gibraltar-issued DLT license, users can trade $USD, $GBP, and $EUR for $BTC, $ETH, + more!
More: https://t.co/hf9SFD5yO9#BTC #Bitcoin #ETH pic.twitter.com/BXIIbUP22O
— HuobiGlobal (@HuobiGlobal) May 15, 2019
Institutional investors regularly delve into the OTC market in order to purchase large amounts of cryptocurrency without experiencing slippage.
Huobi made the announcement at a breakfast meet-up in New York during this week’s Consensus conference.
The exchange was launched in 2013 and has reportedly exceeded $1 trillion in accumulative turnover since then.
Huobi Global averages around $1.9 billion in daily trade volume, with offerings of the most popular cryptocurrencies including Bitcoin, Ethereum, XRP, and Litecoin.