Binance To Launch OTC-Like Trading Feature called Block Trading

Anyone who has an interest in the world of cryptocurrencies will be aware of Binance, an exchange, which has successfully built a massive ecosystem in providing crypto-related products services. Since its establishment in 2017, Binance has rapidly become the largest Exchange in the game and now has launched a plethora of products. From an online crypto academy to a (Decentralized Exchange) as well as a Charity Foundation, Binance offers it all.

According to recently published news, they are now all set to launch a crypto OTC-like (Over-the-Counter) trading feature – Block Trading which will be offering a personalised way for users to trade large block sizes (above 10 BTC orders).

As per the blog post, while Block Trading is similar to OTC desk in pre-determining the price of purchase orders, it is supposed to be much faster than the traditional OTC desk. Additionally, Binance is planning to offer almost all altcoins on its platforms.

The Blogspot noted,

“as part of that ecosystem we are in touch with traders who can provide extremely competitive pricing and liquidity in not only BTC but also in altcoins – and not just the likes of XRP, BNB, and ADA, but also less liquid coins such as MANA, AION, and ENJ.”

Due to the lower volume at times, a significantly large order has a tremendous effect on the market. It has taken this initiative to avoid FUD and FOMO in the market as well.

The primary purpose of an OTC desk is to establish trust between the buyer and seller apart from the price. The OTC desk also functions as escrow for the time the orders are being executed. Binance is set to offer almost instantaneous settlements between both the accounts.CEO Changpeng Zhao has also announced vacancy for positions at Binance. Binance is hiring for their Product team. They most notably are looking for Product Managers, UI Designers (Senior) and UX Researchers for their platform. Find out details here. CZ was very excited to announce the job openings and said, He said,

“never thought I would say something like that on Twitter, but … whatever it takes to get the best team”