*By Tanaya Macheel* Coinbase has debuted OTC trading for its Prime customers. OTC, or over-the-counter, trading occurs between two parties directly ー as opposed to over an exchange ー typically between an investment bank and its clients. “We launched our OTC business as a complement to our exchange business because we found a lot of institutions were using OTC as an on-ramp for crypto trading,” said Christine Sandler, head of sales at Coinbase. “We felt this was a huge benefit to our clients to actually leverage both our exchange and our OTC business.” Earlier this month, Coinbase began to permit its clients to trade any asset that trades on Coinbase Prime and order books through its web interface, Skype, Bloomberg IB, email or phone, according to documentation shared with some clients and obtained by Cheddar. “Trades settle seamlessly and instantly, with funds available for immediate withdrawal” and “no possibility of a failed trade and no need to chase down wires and blockchain transfers,” the documentation said. Sandler said the company plans to expand the service offering to include delayed settlement and will potentially integrate it with Coinbase Custody, its platform for hedge funds, exchanges and ICO teams that launched this past July. In May, [Business Insider](https://www.businessinsider.com/coinbase-block-trading-2018-4/) reported that Coinbase would add support for OTC trades. Shortly after, Coinbase launched the Prime platform, designed to lure institutional investors with trading tools and with longer-term plans to present over-the-counter trading, algorithmic orders, and advanced market data products. The timing of the rollout was opportunistic and a reaction to client demand, according to Sandler. Earlier this year, Cameron and Tyler Winklevoss’ Gemini launched OTC trading. Circle has a similar product, Circle Trade, through its February acquisition of Poloniex.

Share:
More In Business
Poll: More Americans think companies benefit from legal immigration
A new poll finds U.S. adults are more likely than they were a year ago to think immigrants in the country legally benefit the economy. That comes as President Donald Trump's administration imposes new restrictions targeting legal pathways into the country. The Associated Press-NORC Center for Public Affairs Research survey finds Americans are more likely than they were in March 2024 to say it’s a “major benefit” that people who come to the U.S. legally contribute to the economy and help American companies get the expertise of skilled workers. At the same time, perceptions of illegal immigration haven’t shifted meaningfully. Americans still see fewer benefits from people who come to the U.S. illegally.
Tylenol maker rebounds a day after unfounded claims about its safety
Shares of Tylenol maker Kenvue are bouncing back sharply before the opening bell a day after President Donald Trump promoted unproven and in some cases discredited ties between Tylenol, vaccines and autism. Trump told pregnant women not to use the painkiller around a dozen times during the White House news conference Monday. The drugmaker tumbled 7.5%. Shares have regained most of those losses early Tuesday in premarket trading.
Load More