CoinEx, a Bitmain-backed cryptocurrency exchange, announced on Monday its partnership with Matrixport to offer over-the-counter (OTC) services.
This will allow CoinEX clients to get hold of digital currencies in exchange for fiat without entering their order on the exchange’s order book.
Commenting on the development, Haipo Yang, founder and CEO of CoinEx, said: “CoinEx’s users around the world will benefit from this strategic partnership as the OTC service makes transfers between fiat and crypto more convenient. Matrixport has the potential to become a key player in the industry and I look forward to a long-term partnership between us.”
Eying the global markets
CoinEx is a subsidiary of ViaBTC Group, one of the largest Bitcoin mining pools. Regulated by the Estonian laws, the exchange is now eying for global expansion by adding fiat support and the addition of OTC services is a part of this push.
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Last month, the platform tapped Simplex to facilitate cryptocurrency purchases using credit cards.
Matrixport, on the other hand, is a crypto finance company offering services including trading, custody, lending, and asset management. The company was founded by Jihan Wu, the billionaire founder of Bitmain Technologies.
According to media reports, the Singapore-based company is aiming to raise $40 million, putting the valuation of the company at $300 million. Currently, Matrixport is valued at $114 million.
“Teaming up with CoinEx is clearly a win-win situation. We believe that CoinEx’s market presence will enable us to reach more crypto enthusiasts and drive a rapid development of our business,” John Ge, CEO of Matrixport, added.
Meanwhile, BTSE recently added a pre-quote feature on its OTC desk to tackle the risk of price slippage.