Bitbuy Conducts Third-Party Audit, Launches OTC Desk

The exchage has also introduced a new trading platform.

Canadian crypto exchange Bitbuy announced on Thursday that it has completed a third-party audit of its reserves. The audit was performed to establish community trust on the exchange following the fallout of its peer QuadrigaCX.

Bitbuy partnered with US-based blockchain security firm CipherBlade to conduct the audit and has ensured that, from now on, it will regularly release these audit reports.

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Commenting on this audit, Richard Sanders, founder and CSO of CipherBlade, 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.”

Expanding services to capture a wider market

The exchange has also expanded its offerings by launching two crypto-based services – an OTC desk and a new trading platform.

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Dubbed Pro Trading, the platform will offer many additional trading features including crypto-to-crypto trading options with a low latency order matching service for high-frequency trading. In addition, to attract clients, the platform will charge zero trading fee till May 31.

Bitbuy claims that during the beta phase of the new platform, it has processed more than 10,000 trades to ensure smooth functioning.

“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,” Adam Goldman, president at Bitbuy, added. “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.”

Over the years, demand for crypto trading has transformed from retail to institutional. Many major digital asset exchanges the globe including Huobi, Binance, Coinbase have introduced OTC services to process the high-volume orders from institutional clients. With the two new services, Bitbuy is only trying to attract lucrative professional clients.

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