The US-based branch of leading crypto exchange Binance, Binance.US, has launched an over-the-counter (OTC) feature for big traders.
Catherine Coley, CEO of Binance.US, made the announcement on Monday at Consensus: Distributed, a virtual crypto conference hosted by CoinDesk.
Participants will be able to facilitate trades for their clients by processing orders upwards of $10,000. They’ll be able to place and confirm the orders and receive quick settlements directly into their Binance.US accounts.
Coley says that as the demand for cryptocurrency increases, stablecoins are proving to be a critical part of the new digital economy. They have become a key tool to help institutional traders escape the hallmark volatility of Bitcoin and other crypto assets.
“You’re seeing a huge demand for stablecoins across the board…You’re able to see people navigating in and out of the volatile assets to a stable asset more quickly through stablecoins.”
Coley says influential institutional investors who are entering the market for the first time, such as Paul Tudor Jones, will drive demand for fast access to assets.
“We just saw Paul Tudor Jones speak up about owning almost 2% of his net worth in Bitcoin. So as people are wanting to have access quickly into these markets, it helps to be able to buy quickly and in lump sizes.”
Binance.US services 37 states and Puerto Rico. According to the official announcement, verified users can now trade 12 coins and tokens that are currently supported on its new OTC portal.
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