OTC Desk Setup by KuCoin
KuCoin, a cryptocurrency exchange providing services internationally, announced that they’ve officially begun accepting Over-the-Counter Trading Desk transactions for cryptocurrency and fiat pairings. The KuCoin OTC Desk will facilitate all trades between investing parties, instead of the exchange having to supervise. The OTC Trading Desk has become the norm for the top-rated cryptocurrency exchanges.
Additional exchanges maintain an OTC Trading Desk include Gemini, Coinbase, Poloniex and Circle. However, these four exchanges setup their OTC Services in 2018 and have a jump start over KuCoin. Regardless, the OTC will complement the trading exchanges and services provides by KuCoin. This is a standard service used by financial institutions; the crypto market for proxy concerns quickly adopted it.
KuCoin revealed during their announcement that their Over-the-Counter Trading Services would launch with the USDT/CNY Pairings, which will act a trial period for the exchange. If clients adopt the service, new fiat and token currencies will be released with an official product release dates. Users can purchase through the USDT/CNY Pairings today on the KuCoin OTC.
KuCoin had managed cryptocurrency transactions since September 2017, when the firm first opened its crypto exchange. Today, KuCoin is one of the most significant cryptocurrency exchanges operated worldwide, with an average daily trading volume of $181 Million in cryptocurrency.
KuCoin has received significant backlash from the media and news journalists since 2018. The crypto exchange insists that their headquarters are located in Hong Kong, but when a journalist went to visit the listed building on the KuCoin website, there was no building to be found. It was only then that it was revealed that Hong Kong was their mailing address, while the headquarters is located in Singapore. This for many retail traders and institutional investors came as a significant red flag, which saw KuCoin have lower trading volumes in 2018.
KuCoin didn’t start gaining momentum against until they received $20 Million in grants from three investment firms in Singapore and Hong Kong. Today, the company maintains its exchange services promptly and plans to release their cryptocurrency called the “KCS Token” in September 2019.