Binance invests $3 million in OTC trading desk Koi Trading
November 21, 2018, 4:12AM EST
1 min read
Binance Labs, a venture arm of the largest cryptocurrency exchange, announced Tuesday that it invested $3 million in over-the-counter (OTC) trading desk Koi Trading based in San Francisco. Ella Zhang, Head of Binance Labs, said: “Koi Trading’s mission is to bridge fiat and cryptocurrencies in a compliant manner. This aligns with our broader vision at Binance to build the infrastructure which provides the freedom of value exchange globally.” The Block recently reported that Binance is planning to open two fiat-to-crypto exchanges on each continent while minimizing regulatory friction.
Hao Chen, CEO of Koi Trading, said: “With Koi’s robust AML program, extensive banking relations in the US, investment from Binance Labs, and strong trust amongst counterparties in the Greater China, we aim to be the market nexus that reduces trust and information asymmetry and improves cryptocurrency OTC deal close rate.” (Source: CCN)
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