KuCoin, DigitalBits Partner to Launch OTC-Desk Spin-Off

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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-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.

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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term 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.