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Binance Invests $3 Million in US Crypto Trading Desk

Binance Invests $3 Million in US Crypto Trading Desk

Big news came from Binance this week, as their venture wing announced a significant investment in US over-the-counter (OTC) crypto trading desk Koi Trading.

Binance and Koi Trading

In a press release yesterday, Binance Labs revealed that it had made a $3 million investment into Koi Trading, a small sum for the world’s largest cryptocurrency exchange, but a notable one nonetheless.

Koi Trading is an OTC trading operation headquartered in San Francisco, CA. They aim to be a compliant global option for private cryptocurrency liquidity. Koi also offers assistance with data science, quantitative research, and compliance consulting work.

Commenting on the firm’s decision to invest in Koi, Head of Binance Labs Ella Zhang, said:

Koi has an experienced team of founders, including CEO and founder Hao Chen, who added, “Our team of experienced traders and sales personnel will join forces to tap into vast networks of counterparties in North America, Asia and the EU, bridging the gap that divides the current OTC landscape.”

OTC Prevalence in Cryptocurrency Markets

OTC trading in China is prevalent, even more so after all the previous crypto exchange bans, regulations, and complications. Currently, the majority of Chinese OTC cryptocurrency trading is coordinated using a Chinese chat app called WeChat. However, these current methods leave those involved without an easy-to-use, professional option they can trust.

Binance Lab’s collaboration with Koi Trading looks to help rectify OTC trading difficulties globally, giving clients a better option.

Chen said:

The OTC market is booming outside of China, as well, even amid the current bear market. Earlier this year, CCN reported that Circle’s OTC crypto trading desk was seeing individual trades to the tune of more than $100 million.

Featured Image from Shutterstock

20.11.2018 / 18:15 45
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