Institutional investors have become the leading players in over-the-counter (OTC) cryptocurrency market in recent months and have preferred this type of trading over exchange services, Bloomberg reported on Monday.
According to data from leading virtual coin OTC providers Cumberland and Circle Internet Financial, big financial companies like hedge funds have replaced high-net-worth individuals and have accounted for the main part of large movements of cryptos worth more than $100,000 through private transactions.
“We have seen triple-digit growth enrolling in our OTC business. That’s a big growth area,” Jeremy Allaire, the chief executive officer (CEO) of Circle Internet Financial told Bloomberg.
Institutional investors have bet on OTC than tradin...
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