BlockFi launches OTC trading desk for institutional crypto investors

Crypto financial services firm BlockFi has launched an over-the-counter (OTC) trading desk for institutional investors.

The service will allow BlockFi's clients to process large trades directly between themselves, instead of relying on exchange order books. BlockFi said its OTC desk will operate with traders based in the U.S. and Asia to serve institutional and ultra-high net worth clients worldwide.

The desk will support spot trading in cryptocurrencies such as bitcoin (BTC), ether (ETH), and litecoin (LTC). BlockFi already provides liquidity for CME's bitcoin futures, as well as offers a trading account.

The firm's OTC desk comes at a time when institutional interest is growing in digital assets. In recent months, well-known investors ranging from Anthony Scaramaccui to Stanley Druckenmiller have publicized their bets on cryptocurrencies. Just yesterday, asset management giant BlackRock also suggested that it is set to make allocations to bitcoin futures via some of its funds.

As for BlockFi, it has ambitions to evolve into a full-fledged crypto financial services firm. It also plans to become a publicly-traded company in the near future, as The Block has reported previously.

About Author

Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.