Cryptocurrency clearinghouse Coindirect has launched an over-the-counter (OTC) brokerage in South Africa to allow cryptocurrency traders to make large volume transactions (of liquidity pool), by operating with international platforms, which would enable instant Bitcoin (BTC)-payment confirmation, leading to instant cost-free and slippage-free processing.
Reportedly, the OTC platform will allow high volume traders to avoid lengthy transactions, which are known to take over 12 hours of processing time (delayed processing also results in price fluctuations).
The “game-changing approach” of Coindirect is a first-of-its-kind project in the South African market and has set it apart from the rest of the local competitors in the region. It would allow bulk-traders to avoid a fee of up to 2%, which is usually charged by other exchange houses for instant-large-volume transactions (more than R50000).
Coindirect’s COO, Nic Haralambous further stated:
During our first two years in the industry, we have paid close attention to which users are driving the volume of crypto trading. Our approach is to bring cryptocurrency to as many users as possible, however, the data shows that a majority of the daily trading volume in South Africa right now, comes from a very small percentage of traders.
According to sources, the product and development team at Coindirect, also announced major modifications to the platform, like instant withdrawals and, credit card payments (accepting both Mastercard and Visa), and increased transaction limits.
Haralambous stated that,
All the recent changes made to the platform have been made to ensure that our customers are afforded the most convenient and secure trading experience. Many of the updates have been the result of discussions with traders on what they need to take their Bitcoin trading to the next level. We have always envisioned Coindirect as a platform that exists as a solution, and the OTC model is just that.