Skip to main content

‘Huge Demand in India’ Spurs Zebpay to Launch OTC Bitcoin Trading Desk

'Huge Demand in India' Spurs Zebpay to Launch OTC Bitcoin Trading Desk

Indian cryptocurrency exchange Zebpay is launching an OTC bitcoin trading desk. The exchange has shared the details with news.Bitcoin.com, stating that “There is huge demand” among bitcoin traders and arbitrageurs in India for OTC desk services.

Zebpay Sees Huge Demand for OTC Crypto Trading in India

Zebpay’s OTC desk offers “deeper liquidity and private, more personalized service to institutions and individuals with large orders that might be hard to fill on an open exchange,” the exchange’s OTC page details. Customers can trade BTC against INR with a minimum order size of 5 BTC. Registration for the new service began on Saturday but the official launch date is set for Aug. 3.

Nirmal Ranga, Vice President of Trade at Zebpay, has shared some details with news.Bitcoin.com about his platform’s upcoming service. “OTC constituted 90% of our total business until 2018, when the Reserve Bank of India notice came into the picture,” he described, adding:

There is huge demand among traders and arbitrageurs in India for OTC desk services, and the recent supreme court decision reversing the ban has caught the attention of large investors and institutions eager to explore this new asset class.

In March, the Indian supreme court quashed the circular issued by the central bank, the Reserve Bank of India (RBI), which banned banks from providing services to crypto businesses, including exchanges. Zebpay exited India shortly after the ban but returned earlier this year with new management.

The new OTC service is aimed at “traders, arbitrageurs, HNIs, long-term investors, asset managers, and institutions that want to buy/sell bitcoin in bulk,” Ranga further shared. “It will give them the opportunity to trade large quantities without being affected by the skewing of prices these quantities might entail on open order books on any platform.”

“Our OTC liquidity will come largely through active participants on the platform,” Ranga clarified. “We have existing long-term relationships with a few liquidity providers, through which we provide maximum liquidity with minimal or negative slippage.” The executive elaborated:

We plan on launching with the BTC/INR pair and making that our singular focus in the near future. However we will assess the market demand for other asset classes and accordingly consider launching USDT/INR and ETH/INR.

What do you think about Zebpay launching an OTC desk? Let us know in the comments section below.

The post ‘Huge Demand in India’ Spurs Zebpay to Launch OTC Bitcoin Trading Desk appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2PbmOwR
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more