Coinbase Opens Chicago Office and Offers Trading Blocks to Institutional Clients
Coinbase Opens Chicago Office and Offers Trading Blocks to Institutional Clients

Image result for GDAXThe industry giant of cryptocurrency, Coinbase, is about to open an office in Chicago and give support to block the negotiations in order to attract more institutional clients to GDAX, professional trading platform.

Citing sources close to the subject, Business Insider reports that Coinbase begin offering trading blocks – which allows traders to place large orders outside the normal order book of the stock market – to consolidate its institutional base and solve a major problem. this demographic.

Traders at high volume hard to execute orders on conventional crypto-currency markets because large orders can cause significant fluctuations in market prices remaining relatively thinly traded.

With bulk trading, orders are distributed to market makers outside the continuously updated order books of the stock exchange and transactions are generally published with a delay. These factors help mitigate the effect that large orders have on the exchange price of a cryptocurrency.

The service will likely be offered through GDAX, which currently ranks ninth in the world cryptomonnaies exchanges, with a daily trading volume of about 315 million.

The New York Gemini-based exchange, which was co-founded by Cameron and Tyler Winklevoss, began offering blockages last month.

A variety of other companies offer OTC transactions for institutional buyers. The Goldman Sachs-backed Circle cryptocurrency trading desk recently doubled the minimum size of the $ 500,000 bitcoin orders, citing significant demand from large-scale traders.

Previously, Coinbase announced the launch of a cryptoasset custody service that will be open to clients looking to stock at least $ 10 million in assets.

The publication also reports that the San Francisco-based exchange operator made the decision to open an office in Chicago because of the city’s status as a haven for professional business corporations. Transferring its institution-focused operations here could help it to identify the best talent from these companies and develop relationships with the merchants it hopes to attract to GDAX.

As reported by NCC, would Coinbase valued at $ 8 billion internally, an increase of approximately $ 6.4 billion compared to the official evaluation he received last August after its Series D financing series

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