Zebpay Bitcoin OTC (Over the Counter) desk is all set to launch towards satisfying crypto demands in India among traders and arbitrageurs.
According to the Indian exchange firm, Zebpay Bitcoin OTC offers deeper liquidity and private, more personalized service to institutions and individuals with large orders that might be hard to fill on an open exchange.
Clients on this platform can trade BTC for Indian Rupees with a minimum order size of 5 BTC. This service is set to launch on August 3 however, registration began on Saturday. Zebpay Vice President of trade Nirmal Ranga, explained that OTC makes up 90 percent of Zebpay’s entire business until 2018, when the Reserve Bank of India ordered banks from working with crypto firms in the country.
India crypto ban
India Reserve bank in April 2018 passed a circular which bans regulated financial institutions from providing services to crypto businesses. The ban hurt the crypto space in India as many crypto firms in the country had to stop operation or relocate to other countries for business.
However, earlier this year, the Indian Supreme Court removed the ban stopping Indian banks from providing services to crypto businesses by the Reserve Bank of India (RBI). Among other crypto firms in India, Zebpay also exited India shortly after the ban but returned earlier this year with new management.
Zebpay Bitcoin OTC aimed at serving bulk investors
According to the Vice President, the Zebpay Bitcoin OTC is aimed at serving traders, arbitrageurs, HNIs, long-term investors, asset managers, and institutions that want to trade BTC in bulk. He explained further that their service would help these investors trade large quantities without being affected by the skewing of prices these quantities might entail on open order books on any platform.
“Our OTC liquidity will come largely through active participants on the platform,” Ranga clarified. “We have existing long-term relationships with a few liquidity providers, through which we provide maximum liquidity with minimal or negative slippage,” Ranga said.