Bitcoin Exchange ItBit Unveils ‘Global OTC Agency Trading Desk’

itBit has launched a new trading desk to simplify large bitcoin transactions.

Photo: ItBit

Photo: ItBit

A blog post of New York-based bitcoin exchange itBit has informed about the launch of itBit Global OTC Agency Trading Desk. The new service aims at facilitation of large bitcoin transactions over 100 items. OTC customers will have an opportunity to trade just using their itBit exchange account.

itBit is a well-known bitcoin exchange that provides a reliable trading platform for institutional and retail investors. Not long ago the company was authorized by the New York State Department of Financial Services. It got the charter and status of banklike company after almost a year of attempts to create a procedure of virtual currencies control.

Current licensed activity of the exchange means obvious benefits for customers as now they get full asset protection. Being a trust company enables itBit to act as a keeper of investors’ funds with no need to cooperate with banks to open accounts. itBit has an honor to be named the first and only regulated bitcoin exchange able to accept customers across the United States.

itBit keeps on offering its customers enhanced services. Obvious advantages of Global OTC Agency Trading Desk are:

  • Absence of broker/trading fees
  • Quick settlement within one day
  • Deep liquidity due to wide network of customers in more than 100 countries
  • Personalized trading experience

Bobby Cho, director of trading at itBit, comments on the new trading desk: “Up until now, the OTC bitcoin trading market has been operating in parallel to existing exchanges. With the itBit Global OTC Agency Trading Desk, our customers will be able to access a regulated OTC market through their existing itBit exchange accounts, matching OTC buyers and sellers through itBit’s global network of clients across more than 100 countries”.

itBit strongly believes in great future of bitcoin although admits that July was a real shake-up for the currency. The instability of world’s financial market is hard to deny. Bitcoin price and situation in Greece were tightly connected holding everyone in suspense.

If at the beginning of July bitcoin price hit 4-month high, once the agreement between Greece and EU was reached, the price dropped from $317 to $284. Analyzing financial situation for the first half of 2015 influence of world events on bitcoin is becoming obvious.

itBit says that “over the course of the last six months, the market has been correlating with other global market events which are impacting the price of bitcoin more than before. As correlation builds between the price of bitcoin and other asset classes, we should see larger macro news have a more profound impact”.

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