This is huge news!
A group of about twenty over-the-counter (OTC) traders and clients including big investors, miners, payment processors and hedge funds, has reached a monthly trading volume worth billions of dollars. Instead of using an online exchange like Coinbase or Kraken, the participants close major deals chatting on Skype and settle them by sending fiat via bank wires and cryptocurrency directly to each others’ wallets.
“Generally, you would go trade through an OTC desk when you have a large block trade you want to do without moving the market too much or incurring too much slippage,” -Kevin Zhou, founder of cryptocurrency-focused hedge fund Galois Capital.
Please read the full article here:
https://news.bitcoin.com/otc-cryptocurrency-desks-trade-billions-over-skype/