A new addition has been announced by the crypto exchange Kraken. Investors trading $100,000 or more can enjoy a new service known as Block Trading Service.
New BlockTrading Services at Kraken
Some days ago, Kraken revealed that traders with $100,000 dollars or more would now have a new exclusive service. Kraken is expanding its OTC trading platform in order to enhance the execution of large trades.
The company explained that they are now offering deeper liquidity and other features. Institutions and net worth individuals would also have a personalized service. These new additions have been created to fill large orders.
Those traders tend to be very exigent since they have several requirements to execute their trades. In general, they trade between $100,000 and $1,000,000 dollars. This means that users would require greater liquidity that not every exchange can provide.
The exchange commented about the latest service released for wealthier investors:
“We offer deeper liquidity and private, personalized service to institutions and high net-worth individuals needing to fill large orders. Whether you are trading blocks of $100,000 USD, 100,000,000 EUR or 2,000 Bitcoin, the OTC desk will provide you with execution and settlement services that are discrete, secure and ultra-competitive.”
Kraken informs that it currently has nine professional traders from different regions such as North America, Europe, and Asia. These members have more than 100 years of experience combined. In the past, these experts worked in different financial institutions including JP Morgan, Credit Suisse, UBS, Morgan Stanley, and many others.
That makes Kraken OTC one of the best institutional-grade products in the market. Users that want to start trading with the exchange can do it by contacting [email protected]. At the moment, the exchange offers many different assets for exchanging. These assets are Bitcoin (XBT), Ether (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), XRP, Lumens (XLM), EOS, Litecoin (LTC), Monero (XMR), Dash, Zcash (ZEC) and many others.
Kraken is also accepting three different fiat currencies, US Dollars, Euros and Japanese yen. The OTC desk opens 24 hours and has limited availability during the weekends.
After the announcement, the platform experienced a sudden spike in trading volume reaching $160 million dollars. The exchange is not the first block trading to its customers. There are other platforms that were offering similar services to their VIP clients.
At the moment of writing, Kraken is the 19th largest exchange in the market. In the last 24 hours, the platform registered $88.46 million dollars in trading volume. The exchange has 56 different trading pairs. BTC/EUR, BTC/USD and ETH/USD are the most traded pairs accounting for 54% of the total trading volume at the platform.
Cryptocurrency exchanges are working in order to offer new services for companies and institutions. However, regulators are asking for better rules to protect investors and to avoid market manipulation.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.