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OTC Crypto Market Flourishes, Powered by Skype 

April 2, 2018

Reuters,  Anna Irrera & Jemima Kelly

"Some 20 traders as well as clients such as wealthy investors, bitcoin miners, payment processors and, increasingly, hedge funds, have in around five years spawned an over-the-counter market moving hundreds of millions of dollars of cryptocurrencies daily, mostly via online messaging, participants told Reuters.

“Generally, you would go trade through an OTC desk when you have a large block trade you want to do without moving the market too much or incurring too much slippage,” said Kevin Zhou, founder of cryptocurrency-focused hedge fund Galois Capital. The traders work at firms including Chicago-based Cumberland Mining, a division of proprietary trading firm DRW Holdings; Goldman Sachs Group Inc -backed bitcoin payments firm Circle and New York-based broker-dealer Genesis Global Trading, owned by Digital Currency Group."

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