Crypto Exchange Coindirect Launches OTC Brokerage in South Africa

Cryptocurrency exchange Coindirect launches an over-the-counter (OTC) brokerage in South Africa.

As industry news outlet CoinInsider reported on Sept. 27, the platform creates a vast liquidity pool by integrating with global platforms, allows for Bitcoin (BTC) price locks after a confirmation and for instant processing with no fees or slippage. 

Aimed at high volume users

The service lets high volume users to avoid lengthy transactions that can reportedly take over 12 hours. The exchange’s COO Nic Haralambous added:

“During our first two years in the industry we have paid close attention to which users are driving the volume of crypto trading. Our approach is to bring cryptocurrency to as many users as possible, however, the data shows that a majority of the daily trading volume in South Africa right now comes from a very small percentage of traders.”

According to the report, the exchange also recently added other major features to the platform such as credit card payments, instant withdrawals and higher transaction limits.

As Cointelegraph recently reported, cryptocurrency giant Binance plans to roll out its OTC trading platform for Chinese yuan — only targeting the Chinese market — in October.