Bitcoin exchange itbit is opening an over-the-counter (OTC) trading desk, specializing in large transactions of over 100 bitcoins (currently equal to $27,600).
The exchange is looking to leverage its becoming the first bitcoin business to from the New York Department of Financial Services (NYDFS), granting it permission to operate in all 50 states as a fully regulated financial services entity. With the boost to its reputation, it is now looking to woo large investors with a service paralleling that of regulated institutional OTC trading desks.
itBit says it will access the deep liquidity through its marketplace, enabling clients to get the best prices possible. It will also charge no fees, which normally range between 0.35% and 0.50% for market takers removing liquidity from the marketplace. It also says it will offer same-day settlement and a personalized, private trading experience.
As a promotion for the launch, the exchange is offering $50 in bitcoin to clients making their first OTC trade.
itBit currently ranks 6th among bitcoin exchanges in USD-based 30-day trading volume, according to figures from , and 10th globally in total volume (it also supports SGD and EUR trading). During the past 24 hours, 6,173 BTC ($1.7 million) have been traded, making up 3.4% of global volume.
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