BTC Wires

BitBuy Launches OTC Desk After Third-Party Audit

Bitbuy, the Canadian exchange announced on Thursday that they have completed their third-party audit for its reserves. The audit was done to gain back the trust of the community after a fallout with its peer QuadrigaCX. The audit was conducted by the US-based security firm CipherBlade and the Canadian exchange has also assured that they will continue this trend and release the audit report regularly.

Richard Sanders, co-founder, and CEO of BitBuy said,

“Bitbuy was extremely forthcoming in the information they provided, and this information was provided in a timely and complete matter. This commitment to transparency is something that should be both a consumer expectation and self-regulatory best practice. A new dawn of higher expectations and accountability is something that will be great for both the Canadian space and blockchain industry in general.”

BitBuy Expand its Crypto Services

The Canadian exchange is also focusing on expanding its crypto services in order to capture a wider market by releasing two new services in the form of an Over the Counter (OTC) desk and a new trading platform. The newly launched trading platform is being dubbed as Pro Trading as the platform would offer many new trading features such as crypto-to-crypto trading option with low latency order matching high-frequency trading.

In order to attract customers and traders to its platform, there would be no trading fee until May 31. The beta run for the new trading platform was quite successful with over 10,00 trades being processed during the trial run to ensure the main nets smooth functioning.

Adam Goldman, president at Bitbuy said,

“By building this product in house, we maintain complete control over every facet of the business, giving our customers confidence in the transparency of our operations. We are not only a cryptocurrency exchange with proprietary technology and full back-office services but also a technology company. We are excited to start the next chapter of Bitbuy with our ‘Pro Trade’ Platform.”

Final Thoughts

With the increase in demand for crypto services from the consumers including the traditional and institutional players, trading platforms around the globe are shifting their focus from retail to institutional investors. Many big names such as Huobi, Binance, Coinbase have introduced OTC services to process the high-volume orders from institutional clients.