The Crypto.com exchange has announced its institutional and VIP clients will from now on be able to take advantage of the newly launched OTC Portal to more easily execute block trades and thus carry out large over-the-counter (OTC) market orders with greater efficiency.
Key takeaways:
- The new feature was launched on November 19 and is currently available only to select large-scale corporate and retail investors. Although there is no definite date for a full launch, the OTC Portal feature will be rolled out to all eligible users “soon,” according to Crypto.com’s blog entry.
- Over-the-counter trading is used by market participants that wish to trade certain assets between other parties without a central exchange acting as a middleman.
- The access to OTC trading on Crypto.com is reserved for institutional and VIP clients who frequently place large orders and engage in trading assets between two parties, with minimal interference from a central exchange.
- Kris Marszalek, co-founder and CEO of Crypto.com, is excited about the new service: “We are excited to launch our OTC solution for Institutional and VIP clients, allowing them to easily execute block trades and capture market opportunities more efficiently.”
- The Crypto.com exchange has been receiving a lot of spotlight over the last couple of weeks. The 10 million users strong crypto exchange has recently obtained naming rights to LA’s iconic Staples Center, which will see the prominent sports and entertainment venue be renamed to Crypto.com Arena in a $700+ million deal.
- Last month, Crypto.com announced that Hollywood superstar Matt Damon will become the face of Crypto.com.
- Earlier this year, Crypto.com signed a $175 million 10-year contract with a premier fighting organization UFC, and a $400 million deal with NBA franchise Philadelphia 76er as a part of its giant marketing campaign.
- Judging by the market performance of Crypto.com’s native exchange token CRO, the marketing strategy and addition of new features have already started paying dividends. CRO has renewed its all-time high today and is currently up nearly 300% in the past month. With a market cap of $18.7 billion, CRO is the second-largest centralized exchange token, trailing only Binance’s BNB.
- To learn more about CRO, check out our latest Coins to Watch article, where we discuss its near-term prospects and evaluate Crypto.com’s recent moves.
