16th June Chengdu-Bitkan organizes “OTC Trading Meetup” in Chengdu, Sichuan province, China. Fanny, COO of Bitkan, delivered a speech on Socialized OTC Market to around 130 participants. OTC whales shared their views and experience when trading on Bitkan platform. The event also attracted mining farm owners, miner manufacturer like Bitmain, exchanges and other Chinese Bitcoin companies.
After around 3 months of anxious waiting, most Chinese exchanges allowed BTC/LTC withdrawal on 1st June. How is that going to impact OTC market? Speech given by Fanny, COO of Bitkan, may shed lights on the question. Her keynote speech revealed the global OTC trading scale and how OTC trading had developed in China these years.
“To be honest, the small volume trading is getting less. But the large volume order is still high. From the overall data, the sum is less, but not much.”
Fanny also talked about the advatanges of OTC market, compared to the centralized exchanges:
“1. Provide abundant depth for large volume trader.
2. For Bitkan, trading under 1btc is faster than trading in exchange, because you don’t need to deposit money into exchange account and wait for BTC withdrawal to be confirmed.”
Fanny introduce steady growth of Bitkan users both at home and abroad
On the panel section that was hosted by Edward Liu( founder of Bitkan) , Zane, Long Wang, Zhao Dong and Peter shared their views on two major topics: scams and the relation between OTC market and exchange trading.
Panel Section of Bitkan OTC trading
When asked the scams encountered and risk-control measures, Zhao Dong, a famous OTC trader, said:
“At present there are two problems with OTC trading. One is money laundry and the second is payment scam. Usually the larger the volume is, the less risky it is as OTC trading in bulk requires strict KYC.”
Speaking of the relationship and difference between spot trading and OTC trading, Long Wang said:
“For OTC, it can provide abundant liquidity depth. It’s suitable and stable for large volume trading, especially for those who want to trade in bulk.“
Peter Ng said that, Spot trading and OTC trading are bonded, interrelated. He thinks the ideal percentage should be 50/50 for each. The reason why Chinese exchanges have larger percentage is because individual investor’s number is huge in China.
Bitkan, app the leading OTC market in China, has also experienced a surge of OTC traders on its platform , which could be observed from the download of app on iOS and Google Play.