A Chicago trading stiff is setting up shop ter Singapore to predominate the bitcoin market te Asia, Business Insider – Business Insider Singapore
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- DRW, the Chicago-based trading rock-hard, is expanding its bitcoin trading operations into Asia.
- The stiff told Business Insider it sees a thick chance te Asia for over-the-counter trading.
- The Asian-outpost will be based ter Singapore, but will serve all of Asia and enable the rock hard to operate spil a global, around-the-clock business.
DRW, a Chicago-based rigid, is looking to set up a bitcoin trading desk ter Singapore to predominate the cryptocurrency market ter Asia.
The rock hard has bot ter the bitcoin spel since 2014 via its division Cumberland Mining, which already operates over-the-counter bitcoin trading desks te Chicago and London.
Bobby Cho, the head of over-the-counter trading for Cumberland, told Business Insider the rigid is preparing to embark up operations te Singapore well-before year-end.
“Asia is a big chance for us,” Cho said. “We predominate the market te the US and wij are attempting to bring that liquidity to Asia where there is tons of activity.”
DRW already regularly facilitates bitcoin trades ter the $1 to $Five million range with trades te the $20 to $50 range being viewed spil the “gold standard” ceiling.
“We are long bitcoin with our average transaction well north of $100,000,” Cho said.
Ter China, where retail exchanges have shut down plus masse because of a crackdown by the government, the OTC business has exploded. OTC trading firms like Cumberland connect buyers and sellers off retail exchanges.
A examine conducted by China’s National Committee of Experts on Internet Financial Security found OTC trading has “boomed” since the crackdown began. Here’s the report:
“With the liquidation of domestic ICO and Bitcoin transactions ter early September, over-the-counter trading has boomed again. From the transaction gegevens of the two platforms of LocalBitcoin and Paxful, the share of BTC-CNY over-the-counter trading ter its total amount of over-the-counter Bitcoin transactions rose from about 5% to about 20%.”
Cho told Business Insider the stiff’s strategy isn’t necessarily to predominate China.
“China has always bot a grey opbergruimte with a lotsbestemming of things,” Cho said. “So I don’t look at the chance spil specifically attempting to capture China.”
Rather, it’s about predominant the entire Asian market, according to Cho, and becoming a truly global, round-the-clock business.
“We want to provide institutional-grade liquidity to world, regardless of where you are located,” he said.
Sebastian Quinn-Watson, a playmate at Blockchain Global, a cryptocurrency exchange technicus, told Business Insider he is very bullish on the crypto-market te Asia. Here’s Quinn-Watson:
The mining companies are exploding ter size ter China. It is a frantic market for M&A activity with many of the larger players acquiring smaller players. There are also a number of very large Japanese mining operations hunting for deals ter China spil well.
Spil for China, he says, it is all systems go te the OTC markets.
“The kerkban on exchanges has triggered an explosion te innovation ter decentralized exchanges and applications for OTC exchanges,” Quinn-Watson said. “Proving the technology and entrepreneurs behind it are permitting the market to live despite the acute regulatory switches.”