San Francisco-based OTCXN had a slew of announcements this month in signing up crypto market participants to its platform.
Independent Reserve, the first regulated and largest cryptocurrency exchange in Australia and New Zealand joined seeking “to bring institutional order flow to its exchange to increase liquidity for its growing client base”.
In joining OTCXN, Independent Reserve’s order book is tradable by any institutional client on OTCXN’s global network without holding assets at the exchange.
“OTCXN’s aggregated access to key market participants and the ability to mitigate counterparty settlement risk, are significantly valuable when providing liquidity to our growing institutional client base,” said Marcus Ochmann, head of trading at Independent Reserve.
In addition, Fractal Wealth, a proprietary algorithmic trading firm, has joined the OTCXN network.
“Counterparty risk and risk of centralized exchange hacking are some of the biggest barriers to
institutional adoption of digital assets. OTCXN offers a great product that removes these risks and
also provides efficient trading between counterparties. By allowing firms to keep their assets at
their custodian, OTCXN also can help simplify the process of moving funds between trading
venues,” said Carson Cook, CEO of Fractal Wealth.
Earlier in January, OSL, the largest OTC digital asset brokerage company in Asia-Pacific, became a “Core Liquidity Provider” in cryptocurrencies for the platform’s institutional client base.
“As we continue to grow our business globally, we welcome the elimination of counterparty and settlement risk that OTCXN brings, along with increased capital efficiency and collateral safety,” said Ryan Rabaglia, head of trading for OSL.
This week, OTCXN is soft launching its high-performance matching engine, LiquiMatch, as both a dark pool and CLOB hybrid ECN for cryptocurrencies. Clients on the network will be able to trade on liquidity across all OTCXN trading platforms, including the existing OTC Block Trading venue, via a single collateral account at their preferred custodian.
In addition to handling native dark and lit orders, LiquiMatch aggregates market makers’ streaming
executable quotes, as well as external exchange liquidity, all of which is tradable without a direct
financial relationship with each counterparty or placing assets at the underlying exchanges.