KuCoin, a well-known crypto exchange, has partnered with DigitalBits for the development of its enterprise currency desk (ECD).
Announced on Wednesday, the ECD solution is more of a spin-off from the traditional over-the-counter (OTC) desks and will cater to enterprise clients.
The Seychelles-registered exchange is boosting it as the first of its kind and will address token procurement and liquidity by allowing companies “to easily engage in blockchain-based solutions, without having to employ experienced traders to obtain and utilize large amounts of tokens.”
Similar to an OTC desk, the ECD will operate as a subscription desk and will specifically target “business and brands.”
According to the exchange, the ECD will also allow brands to access Bitcoin and Ethereum-based rewards programs using branded stablecoins.
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The ECD desk will initially support XDB, DigitalBits native token; however, clients can raise requests for several other digital currencies listed on KuCoin.
“It is clear that the role of branded cryptocurrencies including branded stablecoins is growing in 2020,” Johnny Lyu, CEO of KuCoin Global, said. “We are focused on assisting brands and other enterprises to easily obtain the cryptocurrencies they require for their business, without the need to internally employ experienced traders to pursue the complex task of purchasing significant amounts of tokens.”
A business-specific OTC offering
Clients of the platform can utilize multiple cryptocurrencies and fiat on-ramps to get their hands on the specific digital currencies, the exchange clarified.
In this partnered project, KuCoin will provide a network layer to support digital currency creation and exchange.
Meanwhile, KuCoin recently restructured its business and is also expanding its offerings. Earlier this year, the crypto exchange also launched a white-label solution for local spot and derivatives exchanges.