Victor Ugochukwu · Dec 14, 2020 . 5min read
Zebpay to fulfill India’s massive demand, launches OTC platform
Indian trading platform Zebpay has announced that it will launch an OTC platform for Bitcoin due to 'huge demand' in the country.
By Shilika · Jul 31, 2020 . 4min read
India-based cryptocurrency exchange Zebpay is launching an over the counter (OTC) bitcoin trading platform. The company states that there is massive demand amongst traders and arbitrageurs.
The registration for the Zebpay’s OTC platform service has already begun. Customers can trade the Indian rupee for Bitcoin, but there is a minimum purchase requirement of 5 BTC. The service will officially launch on the 3rd of August. According to Zebpay’s OTC page online, the desk will offer, “deeper liquidity and private, more personalized service to institutions and individuals with large orders that might be hard to fill on an open exchange.”
Vice President of Trade at Zebpay, Nirmal Ranga, had the following to say to Bitcoin.com.
“OTC constituted 90% of our total business until 2018 when the Reserve Bank of India notice came into the picture. There is huge demand among traders and arbitrageurs in India for OTC desk services, and the recent supreme court decision reversing the ban has caught the attention of large investors and institutions eager to explore this new asset class.”
Zebpay forcefully shut down its operations in India briefly when the Reserve Bank banned banks from offering crypto-related services. Earlier this year, however, the Supreme Court overturned this decision.
Nirmal Ranga added that the OTC platform will mainly be used by people who are looking to deal in bulk. High net worth individuals, long term investors, and so on will have the opportunity to trade large quantities. He further stated that the liquidity on the platform will come from a few providers. This will allow them to provide maximum liquidity with minimum negative slippage.
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