Ethfinex Trustless Launches Decentralised Over-The-Counter Service

Stocks and Financial Services Press Releases Tuesday June 4, 2019 15:48
ROAD TOWN, British Virgin Islands--4 Jun--PRNewswire/InfoQuest
Ethfinex Trustless, the largest hybrid decentralised cryptocurrency exchange, is proud to launch 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 revolutionises this model by 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 centralised 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 states:

"Extending the capabilities of Ethfinex Trustless to include an OTC service is an important step in fulfilling the potential of decentralisation 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."

With no sign-up process or KYC, customers can get started by connecting their wallet at trustless.ethfinex.com/otc today. U.S. persons and persons from other restricted jurisdictions are not permitted to participate in Ethfinex Trustless OTC.

About Ethfinex Trustless: Launched in September 2018, Ethfinex Trustless is the world's first trustless exchange interface using the Ethereum blockchain that can connect directly into a centralised exchange. With full control of assets, no deposits and withdrawals, and a direct connection to the Bitfinex order books, it has become one of the largest exchanges making settlements on the Ethereum blockchain.


Latest Press Release

Fitch Rates KASIKORNBANK#s Proposed Basel III Tier 2 USD Notes #BBB(EXP)#

Fitch Ratings has assigned KASIKORNBANK Public Company Limited's (KBank; BBB+/Stable/bbb+) proposed US dollar Basel III-compliant Tier 2 subordinated notes an expected rating of 'BBB(EXP)'. The proposed notes will be issued under KBank's euro medium-term...

Photo Release: Boutique Corporation Unveils the readiness for listing on mai

Mr.Prab Thakral (central)Chief Executive Officer, Ms.Trithip Sivakriskul (fourth from the left) Advisor to Chief Executive Officer and Executive Management team of Boutique Corporation Public Company Limited, a leading real estate developer and asset...

BOI approves Thailand Plus incentives to expedite investment relocation New package also encourages workforce development and STEM education

Thailand BOI today approved a new incentive package to attract foreign business to relocate and expedite large-scale investment. The new package offers benefits including an additional 50% reduction of corporate income tax for a period of 5 years,...

Thailand BOI approves 4 large projects worth over 28 billion baht Thailand BOI has approved investment ncentives for four projects which will boost Thailands competitiveness in the targeted advanced technology industries.

Ms Duangjai Asawachintachit, Secretary General of Thailand Board of Investment (BOI), said after a board meeting chaired by Prime Minister General Prayut Chan-ocha that the board approved four large-scale projects worth 28.27 billion baht in targeted...

Allianz Ayudhya launches new advertising campaign Lucky that you can choose

Allianz Ayudhya launches new advertising campaign "Lucky that you can choose" to raise awareness, understanding and encourage Thais to prepare for illness and peaceful death Allianz Ayudhya Assurance PCL, life and health protection leader, today launches...

Related Topics