Binance Launches A Service For Traders Who Want To Buy Massive Crypto Amounts

Binance introduced a new OTC service called “block trading.”

New OTC trading option helps avoid potential losses

The exchange’s management explains that the OTC trading option allows traders to acquire massive amounts of digital assets, which basically mean more than 10 BTC without using an order book.

Binance’s blog post explains that block trading is helping traders avoid potential losses due to price slippage that can result from large orders that are entered on the exchange.

Accessing more than 150 cryptos

The Binance team also notes that the benefits of using this OTC service include the ability to access more than 150 various digital assets, reduced counterparty risk and the option to “discuss trades directly over chat.”

The Daily Hodl revealed that according to Binance’s management, the settlement would occur straight in users’ exchange accounts without the need of third-parties to finalize transactions.

Traders will be able to confirm the orders within 1-2 minutes after getting price quotations via the available chat.

The trading platform’s OTC service allows account holders to trade crypto pairs that are not listed.

For instance, the online publication mentioned above notes that users can trade various cryptos while taking advantage of Binance’s fast pricing process.

In order to use the block trading service users will have to pass the level-2 verification process, and they have access to messaging platforms such as Telegram and WhatsApp.

$907 million brought into Binance

Not too long ago, we were reporting that crypto analyst Nik Patel compiled an overview of the amount of cash that has been flowing in and out of eight leading crypto exchanges.

The Daily Hodl reported that the figures are pulled from an analysis by Token Analyst and they are showing that Binance has brought in $907 million in cash during the past month.

Binance CEO Changpeng Zhao said that traders began returning to the exchange in large numbers starting in early April when the bulls returned into the crypto space.

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