BlockFi Adds Bitcoin Trading Desk for Large Investors

BlockFi, a crypto financial services provider, has launched an over-the-counter (OTC) trading desk for institutional investors.

According to the announcement, there will be dedicated merchants at BlockFi’s OTC desk based in the United States and Asia, providing global support to institutional and ultra-high net worth clients.

The New York-based company, which raised $ 80 million in two funding rounds last year, will operate as an operating partner, offering random trading, credit capabilities and margin trading products.

“Existing institutional clients already use many of these BlockFi services independently, and have identified the benefits of having a one-stop destination for their digital asset trading and financing needs,” BlockFi CEO Zac Prince said in a statement.

BlockFi already provides liquidity for the CME The future of Bitcoin platform. The company also owns 5% of Grayscale Bitcoin Trust (GBTC), which is currently worth over $ 856 million, and is active in the Bitcoin borrowing and saving of account space.

The newly launched OTC desk will support simultaneous trading for major cryptocurrencies including Bitcoin, Ethereum, and Litecoin. Other coins are supported based on demand and availability on the BlockFi platform.

As reported earlier by Decrypt, crypto lenders experienced impressive growth in 2020. BlockFi, in particular, saw a 1,500% increase in assets under management, in part due to the price of Bitcoin surges. This growth in the Bitcoin lending market is likely to continue this year as more institutional investors enter the space.