CoinEx Taps Matrixport to Offer Crypto OTC Services

CoinEx, a Bitmain-backed cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, announced on Monday its partnership with Matrixport to offer over-the-counter (OTC) services.

This will allow CoinEX clients to get hold of digital currencies in exchange for fiat without entering their order on the exchange’s order book.

Commenting on the development, Haipo Yang, founder and CEO of CoinEx, said: “CoinEx’s users around the world will benefit from this strategic partnership as the OTC service makes transfers between fiat and crypto more convenient. Matrixport has the potential to become a key player in the industry and I look forward to a long-term partnership between us.”

Eying the global markets

CoinEx is a subsidiary of ViaBTC Group, one of the largest Bitcoin mining pools. Regulated by the Estonian laws, the exchange is now eying for global expansion by adding fiat support and the addition of OTC services is a part of this push.

Last month, the platform tapped Simplex to facilitate cryptocurrency purchases using credit cards.

Matrixport, on the other hand, is a crypto finance company offering services including trading, custody, lending, and asset management. The company was founded by Jihan Wu, the billionaire founder of Bitmain Technologies.

According to media reports, the Singapore-based company is aiming to raise $40 million, putting the valuation of the company at $300 million. Currently, Matrixport is valued at $114 million.

“Teaming up with CoinEx is clearly a win-win situation. We believe that CoinEx’s market presence will enable us to reach more crypto enthusiasts and drive a rapid development of our business,” John Ge, CEO of Matrixport, added.

Meanwhile, BTSE recently added a pre-quote feature on its OTC desk to tackle the risk of price Slippage Slippage In financial trading, slippage refers to the difference in price between the price an order was intended or expected to be filled and the actual price an order was filled. Slippage is a very contentious issue among retail traders, which can lead to issues. Many traders view levels of slippage at brokers as a key determinant for their business. For example, in forex trading, if a trader places a trade intending to enter a buy on the EUR/USD at 1.1080, but they only get into the market at a price In financial trading, slippage refers to the difference in price between the price an order was intended or expected to be filled and the actual price an order was filled. Slippage is a very contentious issue among retail traders, which can lead to issues. Many traders view levels of slippage at brokers as a key determinant for their business. For example, in forex trading, if a trader places a trade intending to enter a buy on the EUR/USD at 1.1080, but they only get into the market at a price Read this Term.