U.S. crypto exchange Bittrex is launching an over-the-counter (OTC) trading desk.
The new service, which will allow approved clients to “quickly and conveniently trade assets,” will support nearly 200 cryptocurrencies already offered by the exchange, the company announced Monday. According to the exchange, the OTC desk will provide “guaranteed pricing” for major trades, “typically $250,000 or greater.”
OTC trading desks facilitate direct transactions between two parties, unlike exchange trading where buy and sell orders are matched through an order-book.
The desk itself will not go live until 18:00 UTC on Monday, Bittrex said. In a statement, CEO Bill Shihara called the new offering a “game-changing trading option,” highlighting the number of tokens Bittrex intends to offer on the new platform.
Bittrex joins other U.S.-based exchanges in launching OTC trading desks, including Coinbase and Poloniex.
Coinbase’s OTC service will be available for its institutional clients, though the service is currently restricted to its Coinbase Prime customers, meaning financial institutions trading with other business funds.
Similarly, Poloniex began offering institutional accounts last quarter, on top of its parent company Circle’s existing Circle Trade product. Circle Trade offers institutional clients a limited number of trading pairs last month for institutional clients. Any customers looking to participate must also issue a minimum order sizeof $250,000.