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Kraken Exchange reports growth in OTC Trading Volumes

Kraken Exchange reports growth in OTC Trading Volumes

Nelson Minier, head of the OTC trading division of the Kraken cryptocurrency exchange, said that over the past year, the volume of OTC trading on the platform has increased 20 times.

At the same time, Minier did not disclose the actual trade volumes, but only noted that they are constantly growing. Last year, the volume of trading on the exchange was $85 billion, but, according to Minier, OTC trading accounts for only a small part of this volume.

“Previously, it was often said that the OTC market would exceed the futures market. In fact, sometimes this happens, but very rarely, ” he said.

However, usually trading volumes are correlated. That is, if there is a surge in the number of transactions in the futures market, then we should expect an increase in activity in the OTC market. The most popular cryptocurrencies are BTC and ETH. BCH, XMR, and USDT are also quite popular.

Interestingly, Kraken’s OTC division has only 19 employees, but their efforts are quite enough to maintain trading even after a 20-fold increase in volumes.

“We do not have an overabundance of free people, but we have enough workers. We are trying to do our job more efficiently, ” Minier said.Note that in April of this year, a lawsuit was filed against the Kraken exchange from a former employee of the company. Jonathan Silverman (Jonathan Silverman) said that the exchange did not pay him for the work and demanded more than $900,000.