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In todayâs edition of The Daily, we cover a number of stories that show how the cryptocurrency ecosystem is evolving to become more inviting to institutional investors. Bittrex exchange opens an OTC trading desk, Bakkt âacquihiresâ a futures compliance team, and Swiss investment bank Vontobel launches a custody solution.
Also Read: Bitwise Asset Management Files With SEC for New Bitcoin ETF
Bittrex Opens OTC Desk
U.S.-based digital asset exchange Bittrex has announced that it has opened an over-the-counter (OTC) desk, which includes trading on nearly all 200 tokens available on the platform. It will offer approved customers with reduced price risk, rapid trade execution and guaranteed pricing for large trades, which are typically $250,000 or greater. The new OTC desk will also accept both cryptocurrency and USD wire transfers for deposits.
âWeâre excited to offer this new, game-changing trading option for our customers,â said Bittrex CEO Bill Shihara. âWith one of the most extensive selections of digital assets of any OTC desk available, this offering will be another way for Bittrex to further advance adoption of blockchain technology worldwide, while also providing our customers with price certainty and a fast and easy way to trade large blocks of digital assets.â
Bakkt Acquires Futures Team
Bakkt, the digital asset subsidiary of âIntercontinental Exchange (NYSE: ICE) which recently raised $182.5 million, has completed its first acquisition. The company announced it entered into an agreement to acquire certain valuable assets of Rosenthal Collins Group (RCG), an independent futures commission merchant.
The goal of the deal is to purchase capabilities needed for developing the bitcoin futures platform. The transaction is expect to close in February and will include the members of the RCG team joining Bakkt. It is said to enhance the companyâs risk management and treasury operations with both systems and expertise, as well as to contribute to its regulatory, AML/KYC and customer service operations.
âThis acquisition underlines the fact weâre not standing still as we await regulatory approval by the CFTC for the launch of regulated trading in our crypto markets,â stated Bakkt CEO Kelly Loeffle. âOur mission requires significant investment in technology to establish an innovative platform, as well as financial market expertise to deliver the most trusted fintech ecosystem for digital assets.â
Vontobel Launches Crypto Vault
Investment bank Vontobel, the third-largest provider of B2B custody and execution services in Switzerland, has launched a âDigital Asset Vaultâ. The service allows Vontobelâs clients, which include over 100 banks and wealth managers, to issue instructions for the purchase, custody and transfer of digital assets integrated within their familiar banking infrastructure and regulated environment. Financial intermediaries could also use the service to offer their own clients a solution for digital assets.
âDigital Asset Vault represents the logical next step in the development of our range of services for digital assets. With our innovative strength and experience, we have thus closed the gap between existing and digital assets. By incorporating digital assets into our own banking infrastructure, we have also become the first provider to already meet the high standards required by financial intermediaries and their regulators,â stated Roger Studer, head of Vontobel Investment Banking.
What do you think about todayâs news tidbits? Share your thoughts in the comments section below.
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Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.