Yossi Hasson is a founding partner at Onchain Capital and the MD of Techstars Africa…
Coindirect has launched a brokerage system aimed at traders looking to do large volume cryptocurrency transactions. The “over-the-counter” (OTC) model, introduced this month, is a first in South Africa and sets Coindirect apart from its local competitors in the market.
Says Nic Haralambous, Coindirect’s COO,
“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.”
Those traders spend an inordinate amount of time doing research in the market as they look to make large volume transactions, at the best price available, for the lowest fees. Coindirect’s OTC model offers a solution to this challenge. Tailor-made for high volume traders, the platform uses global integrations to create a wide pool of liquidity sources that enable a Bitcoin price guarantee.
Coindirect, unlike many other South African and global exchanges, acts as a trading desk. Bitcoin quotes are locked in once confirmed and are processed instantly with no fees for conversion, when using the Coindirect wallet, and no slippage. Through the OTC desk, traders are able to avoid lengthy transactions (on some exchanges, the delay is upwards of 12 hours during which the price may fluctuate) as well as avoid a fee of up to 2% charged by other exchanges for an instant large volume trade.
Traders who are interested are able to register with no commitments on www.coindirect.com.
In addition to the OTC model, the product and development team at Coindirect has also bolstered the platform with several new updates in recent weeks including credit card payments (supporting both Mastercard and Visa), instant withdrawals, and higher limits for transactions.
“All the recent changes made to the platform have been made to ensure that our customers are afforded the most convenient and secure trading experience. Many of the updates have been the result of discussions with traders on what they need to take their Bitcoin trading to the next level. We have always envisioned Coindirect as a platform that exists as a solution, and the OTC model is just that,” concludes Haralambous.