Hong Kong Exchange Announces Test Run of of KUCOIN OTC Transactions

KuCoin, a Hong Kong-based cryptocurrency exchange, announced that it will begin its test run of OTC trading on July 2nd. The OTC service will start at 4 p.m. on July 2nd in South Korea, and the first run will be available for trading in USDT/CNY (yuan) pairs. For the time being, the service will be suspended from 12am to 8am every day.

KuCoin said it will add more cryptocurrency assets or legal currencies available in OTC services in the future.

OTC is an over-the-counter transaction service intended to conduct large amounts of transactions, such as direct transactions that connect buyers and sellers without going through the exchange to avoid impact on the market.

In addition to institutional investors who want to purchase large amounts of tokens, there are other major traders such as ICO companies that want to cash in on their fundraising, start-up exchanges that need to provide liquidity for cryptocurrency assets and mining companies that want to cash in mined coins. This is a structure in which the arbitrator connects companies' needs and enters into a deal. From 2019, the number of exchanges dealing with OTC services is increasing rapidly. Many exchanges provide distributed OTC trading services such as Bainance, Bittrex, Huobi, Bithumb and Coincheck as well as DEX such as Ethfinx.

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