Bitcoin exchange itBit launched the global OTC trading service
ItBit announced the launch of global OTC trading services, this is a new five over-the-counter (OTC) service.
This new trading service launch, has promoted the trading volume of 100 BTC, about $28000, these transactions do not involve the broker and transaction cost. In order to promote the new trading service, itBit launched a limited preferential policies, new users after the completion of the first transaction That will get $50 worth of bitcoin.
ItBit client group director Bobby Cho pointed out that the new products to attract many users want to avoid price fluctuations.
Cho is a bitcoin transaction service provider OTC SecondMarket (now renamed Genesis Trading) former vice president, he said the new itBit services and Genesis Trading services are not in conflict, because the two methods are different in operation.
Cho told CoinDesk:
“They are a broker, but we do not play any role. Our purpose is to drive more transactions, promote more trading volume. Our ultimate goal is to enter the international market price of publicity, so that you as a trader, you can see the trading volume.”
Cho also pointed out that the OTC customers need to go through the “know your customer” (KYC) standards verification, this process is the same with online customers.
The new product launch, frequent period coincided with the New York bitcoin industry activities, the introduction of BitLicense and Winklevoss ahead of the launch of capital to support the exchange of Gemini.
However, Zhao believes that these services are able to coexist, because bitcoin market will gradually expand.
“At present, we have yet to feel the competition. But we know that the bitcoin market has development potential, the future will be more involved in the game player. But the competition is a very good thing, in the competition, we can find their own shortcomings, and improve.”