itBit launches over-the-counter trading desk

Investing | July 31, 2015 By:

ItBit announced the launch of its Global OTC Agency Trading Desk, a new, five-person over-the-counter (OTC) trading service that allows customers to complete trades outside its online order books.

The trading desk will facilitate transactions of 100 BTC (roughly $28,000 at press time) or more with no broker or trading fees. As part of a limited promotion, new users will also receive $50 in bitcoin for completing their first trade.

“They’re a broker dealer, we don’t take positions. They may buy or take a position. Our incentive is to drive more transactions and more trading volume, and the end goal here is to bring price discovery to the OTC market so as a trader you can see volumes, but there’s also this separate OTC market that there is no data around,” said ItBit Institutional Client Group director Bobby Cho.

itBit is a global bitcoin exchange that offers retail and institutional investors a secure bitcoin trading platform.