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BlockFi Adds Bitcoin Trading Desk for Big Investors

BlockFi Adds Bitcoin Trading Desk for Big Investors
BlockFi, a provider of crypto financial services, has launched an over-the-counter (OTC) trading desk for institutional investors.
According to the announcement , dedicated traders on BlockFi’s OTC desk will be located in the US and Asia, providing global support to institutional and ultra-high net worth clients.

The New York-based firm, which raised $80 million in two funding rounds last year, will act as an execution partner, offering spot trading, credit capabilities and a margin trading product.
“Existing institutional clients are already using many of these BlockFi services independently, and have noted the benefits of having a one-stop destination for their digital asset trading and financing needs,” said BlockFi CEO Zac Prince, in a statement.

BlockFi already provides liquidity for the CME Bitcoin Futures platform. The company also owns 5% of the Grayscale Bitcoin Trust (GBTC) , currently worth over $856 million, and is active in the Bitcoin lending and saving accounts space.
Bitcoin Needs More Liquidity to See Greater Institutional Adoption
The newly launched OTC desk will support spot trading for major cryptocurrencies including Bitcoin, Ethereum, and Litecoin. Other coins will be supported based on demand and availability on BlockFi’s platform.
As reported earlier by Decrypt , crypto lending companies experienced impressive growth in 2020. BlockFi, in particular, saw a 1,500% increase in assets under management, in part due to the surging price of Bitcoin. This growth of the Bitcoin lending market is likely to continue this year as more institutional investors enter the space. shares this Contents always with License.

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