US cryptocurrency exchangeBittrex is launching an over-the-counter (OTC) trading desk today, CoinDesk reports. Almost 200 cryptocurrencies already available on Bittrex will be supported by OTC. What's more, there will be a "guaranteed pricing" option for "major trades." Bittrex joins other crypto exchanges that run over-the-counter trading operations, including Coinbase and Kraken.
“With one of the most extensive selections of digital assets of any OTC desk available, this offering will be another way for Bittrex to further advance adoption of blockchain technology worldwide, while also providing our customers with price certainty and a fast and easy way to trade large blocks of digital assets,” said Bittrex CEO Bill Shihara in a statement.
The OTC trading desk is set to go live at 18:00 UTC on Monday.
With more than $100 billion in market cap across all chains, it is likely that the DeFi market cap will grow to $200 billion by 2025. However, many users still face various technical barriers when using decentralised platforms to do on-chain farming, staking and trading, while off-chain solutions face liquidity issues, fiat restrictions and the lack of a central multichain to support crypto assets and institutional-grade custodians.
The Federal Reserve dropped a new central bank digital currency white paper on Thursday. While largely avoiding the topic of crypto, it suggests that a US CBDC could compete with "private digital money."