ROAD TOWN, British Virgin Islands, June 3, 2019 /PRNewswire/ -- Ethfinex Trustless, the largest hybrid decentralised cryptocurrency exchange, is proud to launch a blockchain enforced Over-the-Counter (OTC) service in an industry first.
Over-the-counter (OTC) trading desks are widespread in cryptocurrency markets, facilitating large trades between parties so as to prevent the wider market from being affected by the price fluctuation. Traditionally this incurs high costs to participants and trust in an escrow.
Ethfinex Trustless OTC revolutionises this model by using the blockchain to enforce the deal in an atomic transaction. This market first removes the need for escrow, and opens up OTC to anyone through significantly lower fees at 0.02% (vs 2-5% on more traditional OTC desks). Additionally, as there is no centralised order book or matching engine, there are no restrictions on what is traded on Ethfinex Trustless OTC (provided the products are not financial instruments). Customers can trade any ERC20 token, and even specify custom Ethereum addresses for tokens which are not currently listed on any exchanges.
Will Harborne, Founder of Ethfinex Trustless states:
"Extending the capabilities of Ethfinex Trustless to include an OTC service is an important step in fulfilling the potential of decentralisation in the cryptocurrency market. It opens the doors to those previously prohibited by expensive OTC desks, and provides security in blockchain enforced atomic deals. Customers no longer have to place trust in a third party, or take the risk of trades directly with the counterparty themselves."
With no sign-up process or KYC, customers can get started by connecting their wallet at trustless.ethfinex.com/otc today. U.S. persons and persons from other restricted jurisdictions are not permitted to participate in Ethfinex Trustless OTC.
About Ethfinex Trustless: Launched in September 2018, Ethfinex Trustless is the world's first trustless exchange interface using the Ethereum blockchain that can connect directly into a centralised exchange. With full control of assets, no deposits and withdrawals, and a direct connection to the Bitfinex order books, it has become one of the largest exchanges making settlements on the Ethereum blockchain.
SOURCE Ethfinex Trustless