UAE Matrix crypto assets exchange adds block trading
UAE Matrix, a global virtual asset trading platform, is adding block trading to its capabilities in a major backend update. The virtual assets platform also announces support for trading in four Virtual Assets/Stablecoins: XRP, XLM, USDC, and USDP. The update and new Accepted Virtual Assets come as part of Matrix’s bid to offer both small and large-scale traders maximum versatility with minimal friction.
Block trades have been prominent in traditional finance prior to their introduction into cryptocurrency trading. Block trading enables traders and investors to conduct high-volume transactions, typically utilizing an intermediary. On the Matrix platform, traders looking to conduct a large-scale transaction can execute the block trade by issuing a request for a quote (RFQ). Then, the platform will broadcast the RFQ to multiple counterparties, including some of the largest global trading desks, to offer a live price for the desired virtual asset based on the requested quantity. The best offer is then displayed to the customer for a seamless trading experience.
The Block Trade service will be launched after finalizing the consultation paper process by seeking views from the public on the proposed amendments to Matrix’s Market Rulebook as published on the company’s website.
Matrix also expands its supported virtual assets, adding:
- XRP, the native currency of RippleNet, a blockchain-based payments network,
- Lumen (XLM), the native currency of Stellar, a decentralized protocol for exchanging cryptocurrencies to fiat currencies,
- USD Coin, a fully reserved fiat-backed stablecoin pegged to the US dollar and issued by Circle, one of the largest stablecoin ecosystems in the world, and
- USDP, a regulated stablecoin backed one-to-one to the US dollar and native token of Paxos, a regulated blockchain-based financial system.
Users can purchase or trade these new virtual assets/stablecoins without paying trading fees for a limited time. This expands users’ access to the blockchain ecosystem by giving them an opportunity to secure a foothold on some of the most popular blockchains as well as safe haven, non-volatile assets to move their capital into between trades. The additions of the new virtual assets are subject to final regulatory approvals.