Australia's first OTC trading desk for digital currencies opens

Australian crypto investors wanting to execute large digital currency trades will have an over-the-counter trading desk to go to from next week.

Sydney-based Bitcoin and digital currency exchange Independent Reserve will go live with Australia's first OTC digital currency trading desk on Monday, 19 March.

The exchange claims to be giving digital currency investors the facilities they have while trading other asset classes.

"Digital currency markets are just like any other asset class, in that when the market sees a big trade coming through it will move the price against whoever is making that trade," Independent Reserve chief executive Adrian Przelozny said.

"In equity markets they solve that problem with dark pools and sales trading desks, but there is no digital currency equivalent in Australia as yet. By establishing an OTC desk with sales traders we're able to connect institutions with one another, so they can trade without moving the market or getting price slippage."

Przelozny said the interest from institutions was already strong, citing Digital Currency Holdings and Digital Asset Funds as two interested institutions.

He says the OTC trading desk will lift local digital currency trading activity to the more-active levels seen overseas.

Derivatives trader Tobias Abbey is consulting with the Independent Reserve on the project.

Read more: AustraliaOTCIndependent ReserveAdrian PrzeloznyDigital Currency HoldingsBitcoinTobias Abbey
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