If you’re someone who wishes to buy or exchange a hefty sum in cryptocurrencies, you must know that doing it via traditional exchange renders you vulnerable to numerous risks. The slippage largely raises the expenses of the trade, along with the chances of hacking and other thefts.
That’s where OTC trading (over-the-counter) kicks in. OTC trading for high-volume merchants is a service exclusive to certain individuals to make sure transactions are safe and theft-proof. There are a number of OTC trading options in the market. Online reviews of BC Bitcoin disclose how the platform uses OTC desk to ease trader’s usability.
The ByteBulls, under its main exchange Bytetrade is one of the leaders in crypto-asset development, has recently announced launching OTC trading over its platform.
The company is a pioneer in developing a gamut of crypto products, including wallets, games, etc. They inhabit over 360,000 users from various countries, speaking several languages, who are able to engage in the blockchain trade through the company’s open network.
Ever since its inception, the Byte Bulls Blockchain has monitored and facilitated 591m transactions, including voting, orders, payments, games, and others. The transaction information is documented over the block explorer so that it can be effortlessly audited from the side of users, third parties, or the government.
The company recently revealed in a blog post about it’s OTC undertaking stating that,
We are therefore pleased to announce ByteBulls OTC — a new crypto-to-crypto over-the-counter trading platform launching soon, — a private, more personalized service that has been requested by many of our institutional, corporate and large retail clients needing to fill large transactions.
The announcement mentions that ByteBulls OTC resides over on the company’s reliable smart contracts already existing on Bytetrade, letting consumers perform peer-to-peer exchanges with no risks of the counterparty in an extremely affordable setup.
The firm asserts that ByteBulls OTC is akin to their main exchange, and is a completely non-custodial portal that performs trades instantly and openly. Even the tokens implemented for ByteBulls OTC arise from the smart contract account being the primary Exchange, offering users a hassle-free experience.
ByteBulls OTC will be first launched with a pre-allocated number of tokens, supporting even more tokens through time. The company says,
We make efforts to improve the user interface and experience. Hopefully, you will find it a user-friendly and enjoy using it.
The ByteBulls workflow is also being normalized and optimized for distinguishing counterparty scenarios and effective order communication as well as assessment, giving rise to a streamlined end-to-end trading journey.
The company says that the initiative will be particularly useful for trades that involve a huge sum of money that will be executed without jeopardizing the security via ByteBulls OTC. Given that there will be no middleman or custodian involved, all the counterparty risks that might lead to undelivered tokens on either side of the trade will be eliminated.
The company also writes,
We hope that ByteBulls OTC will become a useful tool for cryptocurrency owners that need to execute large trades off the main order books, or need to execute peer-to-peer trades of tokens that are not listed on ByteBulls’s markets.