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Ethfinex trustless exchange launches blockchain Enforced OTC service

Ethfinex trustless exchange launches blockchain Enforced OTC service

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Ethfinex Trustless, the largest hybrid Ethereum based decentralized cryptocurrency exchange, has launched a blockchain enforced Over-the-Counter (OTC) service in an industry first.  Over-the-counter (OTC) trading desks are widespread in cryptocurrency markets, facilitating large trades between parties so as to prevent the wider market from being affected by the price fluctuation. Traditionally this incurs high costs to participants and trust in an escrow.

Ethfinex Trustless OTC is using the blockchain to enforce the deal in an atomic transaction. This market first removes the need for escrow, and opens up OTC to anyone through significantly lower fees at 0.02% (vs 2-5% on more traditional OTC desks). Additionally, as there is no centralized order book or matching engine, there are no restrictions on what is traded on Ethfinex Trustless OTC (provided the products are not financial instruments). Customers can trade any ERC20 token, and even specify custom Ethereum addresses for tokens which are not currently listed on any exchanges.

Will Harborne, Founder of Ethfinex Trustless said, “ Extending the capabilities of Ethfinex Trustless to include an OTC service is an important step in fulfilling the potential of decentralization in the cryptocurrency market. It opens the doors to those previously prohibited by expensive OTC desks, and provides security in blockchain enforced atomic deals. Customers no longer have to place trust in a third party, or take the risk of trades directly with the counterparty themselves."

 

Source: Efthinex press release
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