Cryptocurrency-focused exchange and OTC liquidity provider Trade.io has on-boarded Patric Tengelin as its VP of Dealing.
Earlier this year the company raised $31 million in an ICO. The project is backed by Chinese billionaire investor Chien Lee, who is a member of the company’s board of directors.
After launching earlier this year, Trade.io is getting ready to go live with some unique offerings. The firm’s liquidity pool, which is set to start with 50 million TIO tokens, is a unique feature which differentiates the company. After debuting earlier this year at around $1.20, the current value of the TIO token is about $0.15. This takes the size of the liquidity pool to just under $7.5 million.
A Seasoned Industry Veteran
Tengelin comes with a raft of experience in the trading industry. After running his own trader education website TimingTheMarket.com from 2003, he worked at Cubits in Malta between October 2017 and July of this year as ‘Head of Trading and Brokerage’.
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Throughout the years, Patric has been actively involved in trading a variety of asset classes. His career includes senior trading roles at Kraftringen Energihandel and Modify Energy Trading. As is customary for this industry, the talent pool associated with the dealing desk is strongly committed to trading financial markets.
Trade.io has been boosting its resources in recent months as it gets ready to roll out the next phase of its offering, in accordance with plans announced during its ICO. The company has committed to launching an OTC trading desk for clients that want to place block trades larger than $25,000.
Tengelin is joining this team, which is dedicated to providing such big clients with an adequate pool of liquidity. Clients of Trade.io can reach out to the company’s dealers via Skype, phone, WhatsApp and Telegram.
After asking for a price, the client receives a quote and is able to deal. The Trade.io team has over 40 years of combined experience, as Tengelin joins Chief Dealer David Hannigan. The dealing desk operated 17 hours per day, from 04:00 to 21:00 GMT.
The company leverages its large network of partners around the globe to provide liquidity for the trades. In order to avoid dramatically affecting market prices, buyers and sellers of large blocks tend to arrange deals directly. Block trading is traditional practice across different asset classes including foreign exchange, bonds and stocks.