The Daily: Blockchain.com Launches OTC Trading Desk, Shapeshift Relaunches Coincap
Wallet provider Blockchain.com has created an OTC trading desk as part of its efforts to cater to institutional investors. Also in The Daily this Sunday, Shapeshift launches the redesigned Coincap tracker, Kraken lists Cardano and Qtum, and Compound offers its users the option to short cryptocurrencies.
Blockchain.com Launches OTC Trading Desk for Institutional Investors
Blockchain.com, the popular cryptocurrency wallet provider, has launched an over the counter (OTC) trading desk as part of its plans to attract institutional investors. The company already offers custodial services tailored to serve the needs of clients such as hedge funds and asset managers. The move will allow Blockchain to conduct large private crypto trades outside of public exchanges.
Former DRW fixed-income trader, Vince Machi, is running the new OTC desk, according to a source familiar with the development, quoted by The Block. The news comes after earlier reports that Jamie Selway, the former head of electronic brokerage and execution services at Investment Technology Group (ITG), has taken responsibility for Blockchain’s institutional efforts.
A number of companies in the space already provide OTC services, including DRW and DV Trading as well as established cryptocurrency exchanges such as Kraken and Itbit. Blockchain.com claims to have 28 million downloads of its wallet offered as part of its retail business.
Shapeshift Announces the New Coincap Tracker
Digital asset exchange Shapeshift has announced the relaunch of its cryptocurrency tracker, Coincap. The rebuilt platform now offers users new features and functions for tracking and interacting with global pricing data for cryptocurrencies and tokens, the company said in a blog post. Coincap, which is one of the alternatives to Coinmarketcap, offers real-time market data for these assets, including market capitalization, 24-hour coin and exchange volume, and available supply. It supports more than 1,000 cryptocurrencies and uses information from over 65 crypto trading platforms.
Some of the new features that come with the update include real-time price and market changes, exchange pair and volume listings, trading view with granular candle charts, timestamped status updates, and a new API with more endpoints such as rates, exchanges, markets, and candles. The Coincap.io website now features mobile-friendly design, dark mode and is free of ads. Redesigned mobile apps for Android and iOS users are expected to be released by the end of the year.
Commenting on the relaunch, Shapeshift’s founder and CEO Erik Voorhees noted: “Coincap’s new web and API service, built entirely from the ground up, is another way we are committed to creating the best experience for our users. This is the next step in a product delivering reliable and transparent crypto market data,” he said.
Kraken Adds New Coins – Cardano and Qtum
US-based exchange Kraken has added two new cryptocurrencies to its listings, Cardano (ADA) and Qtum (QTUM), the trading platform announced in its blog and on social media. Trading for the two coins started this past Friday. ADA and QTUM are to be paired with USD, CAD, EUR, BTC, and ETH. According to the press release, margin trading will not be available at launch, but may be enabled in the future. The company says it plans to list more digital asset but notes it will follow its policy not to reveal the details in advance.
Compound Offers Option to Short Cryptocurrencies
Customers of Compound, a platform for borrowing and lending digital coins, will now be able to earn money from falling crypto prices. The firm has reportedly launched a money market protocol for shorting cryptocurrencies. The option allows users to borrow and short Ethereum (ETH), 0x (ZRX), Basic Attention Token (BAT), and Augur (REP). The company’s chief executive officer, Robert Leshner, told Techcrunch that if or when Compound scales, “this will lead to some really interesting improvements in market structure, namely, fairer prices.” The startup, which is funded by Coinbase, Andreessen Horowitz and Polychain Capital, has established partnerships with over two dozen hedge funds, including high-frequency trading platforms and over the counter trading desks.
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