Circle-backed cryptocurrency exchange Poloniex have launched dedicated accounts for institutional investors.
The move is potentially momentous in the over-the-counter (OTC) space, as institutions have typically struggled to invest in crypto markets through other OTC desks or private sellers.
As detailed in Coin Rivet’s guide on the OTC market, there is currently a grey area where unregulated brokers and desks have been attempting to facilitate high-volume cryptocurrency deals, only for deals to fall through at the final hour due to the inexperience of everyone involved.
Now Poloniex are attempting to solve the issue with their dedicated institutional accounts. They wrote in a statement: “Large and small can enjoy the benefits of our large curated selection of crypto asset trading pairs, dedicated support, and robust API services.”
The statement continued: “We offer higher withdrawal limits and professional customer support from a dedicated team of Account Managers in our Client Services department. Our highly trained team will guide each institutional customer through the onboarding process, coordinate issue resolution across multiple teams, and support ongoing trading activities.”
Firms looking to participate in OTC trades must issue a minimum order size of $250,000. Poloniex become the latest exchange to tap into the OTC ecosystem, following the likes of Coinbase, who began rolling out custody services to its institutional clients in May.