Binance Labs Invests $3 Million in San Francisco-Based OTC Trading Desk
Thursday, November 22, 2018 7:30 AM
SAN FRANCISCO, CA / ACCESSWIRE / November 22, 2018 / Binance Labs, the investment and incubator arm of the world's largest cryptocurrency exchange Binance, has just announced a $3 million investment in cryptocurrency OTC trading company Koi Trading.
Koi Trading is an OTC trading desk based in San Francisco that provides private, efficient and compliant cryptocurrency liquidity to counterparties around the world. With specialization in cryptocurrency OTC trading, global market making for crypto exchanges and high-frequency trading, Koi Trading also provides support services such as quantitative research, data science, and compliance consulting services. "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," said Ella Zhang, Head of Binance Labs. "Koi Trading founders are long-time blockchain believers, with deep knowledge of the technology, OTC operations and regulatory space. Their team is dedicated to making a positive impact and we are excited to welcome them into the Binance Labs family."
Koi Trading's founding team consists of three former core team members of HBUS, who are well-known blockchain industry investment, technology and compliance veterans.
"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," said Hao Chen, founder and CEO of Koi Trading. "We are thrilled that Binance Labs recognizes our team's unique ability to deliver this vision; we cannot wait to build a reliable and professional brand around the globe in partnership with Binance Labs."
OTC trading for cryptocurrency is no cakewalk business in the current cryptocurrency bear market. But even with the placid trading levels and several big players already in the field, Koi still finds underserved clientele in both China and the US. OTC trading in China boasts a significant daily volume of at least RMB 150 million despite the broad-based ban of centralized cryptocurrency trading in China. Without trusted escrow agents, most of OTC trades in China are arranged through WeChat, a Chinese instant messaging app. So the counterparties in China always find it difficult to secure a professional, trustworthy and user-friendly service provider.
"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," said Chen.
About Koi Trading
With desks in San Francisco, Hong Kong and Beijing, Koi Trading offers a private, efficient and compliant OTC pathway for institutional investors and wealth managers to start engaging with blockchain assets. Using a combination of trade algorithms and direct communication channels, Koi Trading connect OTC counterparties with deep liquidities and earn price arbitrage as a near- riskless principal. For more information, please visit https://koi.trade/.
About Binance Labs
Binance is a blockchain ecosystem comprised of Exchange, Labs, Launchpad, Info, Academy, Trust Wallet, Research, and Blockchain Charity Foundation. Binance Labs is an infrastructure impact fund and an initiative launched by Binance to incubate, invest in, and empower blockchain and cryptocurrency entrepreneurs, projects, and communities. The mission of Binance Labs is to solve the problems that matter most to the ecosystem and change the world for the better. For more information, visit https://labs.binance.com/.
SOURCE: Binance Labs