Binance Invested $3 Million in a US Crypto Trading Desk
Binance Labs revealed in a press release that it had made a $3 million investment into Koi Trading, a small sum for the world’s largest cryptocurrency exchange, but a notable one nonetheless.
Koi Trading is an OTC trading operation headquartered in San Francisco, CA. They aim to be a compliant global option for private cryptocurrency liquidity. Koi also offers assistance with data science, quantitative research, and compliance consulting work.
“Ella Zhang” head of Binance Labs said in a comment said:
Koi Trading’s mission is to bridge fiat and cryptocurrencies in a compliant manner. This aligns with our broader vision at Binance to build the infrastructure which provides the freedom of value exchange globally.
Koi has an experienced team of founders, including CEO and founder Hao Chen, who added, “Our team of experienced traders and sales personnel will join forces to tap into vast networks of counterparties in North America, Asia and the EU, bridging the gap that divides the current OTC landscape.”
Binance Lab’s collaboration with Koi Trading looks to help rectify OTC trading difficulties globally, giving clients a better option.
With Koi’s robust AML program, extensive banking relations in the US, investment from Binance Labs, and strong trust amongst counterparties in the Greater China, we aim to be the market nexus that reduces trust and information asymmetry and improves cryptocurrency OTC deal close rate.
The OTC market is booming outside of China, as well, even amid the current bear market. Earlier this year, CCN reported that Circle’s OTC crypto trading desk was seeing individual trades to the tune of more than $100 million.
Source: CCN News