HitBTC introduced OTC trading

Bitcoin and other cryptocurrency exchange HitBTC announced launch of over-the-counter trading
23 November 2017   1017

On November 23 cryptoexchange HitBTC made an announcement of its partnership with Extendeddealer.com, which is full-cycle OTC trading company which aims to provide liquidity for any kind of digital asset, coin or token.

The partnership was set up in order to introduce OTC or “over-the-counter” trading option. OTC means that two counterparties directly agree to perform a certain trade at a set price, without being obliged to go through the exchange to execute the deal. 

    HitBTC is excited to facilitate large-scale transactions for our traders by introducing OTC markets, especially as we are confident about the liquidity provided by our partner Extendeddealer.com. Our traders have been anticipating this opportunity and buyers and sellers are actively setting up deals.

    Paul Clarkson
    Product manager, HitBTC

    The main advatages of such trading are stated as follows:

    1. The trades are made directly between two parties
    2. Only the parties which carry out the over-the-counter trading know the price of the deal
    3. Market price of the coin or token is not affected
    4. The fee is 0,1%

    HitBTC to Delist KIN

    According to the expert, HitBTC was the only centralized cryptocurrency exchange with real liquidity in Kin markets 
    06 June 2019   441

    Cryptocurrency exchange HitBTC, without any announcements or explanations, suspended the Kin token trading.

    Kin trading on HitBTC was discontinued about 40 hours before this publication, that is, shortly after it became aware of the Kik claim filed by the US Securities and Exchange Commission (SEC).

    Kik is accused of unregistered sales of securities through ICO in 2017, during which, through the sale of Kin, it managed to raise almost $ 100 million. The company, for its part, accuses the SEC of misinterpreting securities laws. Against the background of these events, the American crypto companies Coinbase and Circle have already refused to participate in the Defend Crypto initiative, which was aimed at raising funds to protect Kik from the SEC.

    As The Block Director of Research Larry Cermak notes, HitBTC remained the only centralized cryptocurrency exchange with real liquidity in Kin markets. Now Kin is trading either on exchanges with, presumably, fake trading volumes data, or on decentralized exchanges, such as Bancor and EtherDelta