Circle CEO Jeremy Allaire said today that their over-the-counter (OTC) trading wing is continuing to grow the size of large block trades despite the recent lull in exchange volume. The Goldman Sachs-backed company announced that the minimum ticket size for bitcoin trades will double, from $250,000 to $500,000.
Circle now trades over $2 billion in cryptocurrency a month, and routinely supports transactions over $100 million, according to Allaire. He told Business Insider, “That watermark will continue to rise.”
OTC trading provides a more secure alternative to crypto exchanges for traders looking to make large trades without affecting the market. Many popular retail exchanges, like GDAX or Binance, simply don’t have the liquidity to complete orders over $1 million without dramatically impacting the price.