Christchurch, New Zealand – 24 October 2019 – BitPrime, New Zealand’s most trusted cryptocurrency retailer, today announced it has launched BitPrime OTC, an unparalleled overthe-counter (OTC) digital asset solution for professional traders using intelligent Request for Quote (iRFQ) technology provided by OSL, Asia’s leading digital asset brokerage (a member of BC Group HKSE 0863).
Available for the first time in New Zealand, the solution is one of the world’s most efficient and secure platforms for digital asset trading and offers users “single click” exposure to a number of digital assets in a safe and user-friendly environment.
The OTC desk launch comes as the improving outlook for digital assets draws more professional traders to the asset class, driving demand for increasingly sophisticated solutions.
BitPrime OTC reduces risk by maintaining NZD in the domestic banking system and reducing forex costs, while also drastically improving deposit-to-trade execution time to three hours.
Prior to the launch, New Zealanders had to source large cryptocurrency trades from overseas exchanges, creating exposure to high-risk trades and foreign exchange costs.
BitPrime OTC also leverages OSL’s wallet infrastructure to store digital assets. This includes best-in-class military-grade security measures, such as multi-layer security protocols and airgapped cold storage, which prevents collusion risk and asset loss. Digital asset deposits are also insured against loss, private key damage, destruction or theft.
Ross Carter-Brown, CEO of BitPrime, said: “The launch of BitPrime OTC brings a depth of liquidity that hasn’t previously existed in the New Zealand market. As a premier boutique digital asset brokerage, we pride ourselves on this type of innovation, along with our market-leading deposit times, rapid trade execution, secure custody, and exceptional customer service.” “We’re thrilled to be working with BitPrime,” said OSL CEO Wayne Trench. “As the clear leader in the New Zealand digital asset retail market, we believe that the company’s use of the OSL iRFQ solution will deliver unique value to clients and enhance its already robust platform.”
BitPrime OTC accepts trades of NZD50,000 to NZD500,000 with trades of up to
NZD30,000,000 possible with prior arrangement. Current trading pairs available on the platform include BTC/NZD, BCH/NZD, ETH/NZD, and XRP/NZD. USD trading pairs will be available at a later date. The newly launched solution will also support selected international customers who meet local AML regulatory requirements.