On Wednesday, February 12, 2020, 11:13:28 AM EST, Kraken <[email protected]> wrote:
The Kraken OTC Desk has been working hard to further improve our already industry-leading white-glove service.
In the past two months we acquired Circle Trade, one of the oldest and most recognized OTC desks in the industry, and Bit Trade, the first crypto OTC desk in Australia.
All of this has bolstered our services and capabilities by providing:
New trading partners around the world
Deeper liquidity and tighter spreads across all supported assets
At the time of these announcements, we hinted at upcoming automation and advanced tools for traders designed to streamline the trade process from quote to settlement.
After all, we’re always looking for ways to make our services simpler and more intuitive, while living up to our reputation as one of the most secure and trusted industry service providers.
Introducing the Automated Request for Quote (RFQ) Platform
Starting February 13th at approximately 17:00 UTC, OTC clients will be able to use the first of these new tools, an automated Request For Quote (RFQ) Platform.
From now on, all of our OTC customers will be able to:
Request quotes for both buy and sell orders directly from the platform for all of the fiat and crypto trading pairs that we currently offer on the desk
Accept or decline quotes on the same screen
See your entire transaction history in one simple dashboard
Sample Trade Agreement On Kraken’s New RFQ Platform
Scroll down to see a sample trade agreement on Kraken’s OTC desk (the steps in a sale agreement would be identical).
Step 1: The customer requests a quote.
Step 2: The OTC desk quickly provides a price for the transaction. The customer must decide whether to accept or decline the quote:
Step 3: Once the customer accepts the transaction, a confirmation is sent to their email with the pertinent details. Transactions will be settled in the same manner that customers are accustomed to.
Step 4: The accepted quote will now appear in your “Quote History” on the dashboard.
What Comes Next?
Each active OTC client will automatically receive login credentials for the OTC dashboard, which you can use immediately to start requesting quotes.
If you are new to Kraken OTC and would like to sign up for this service, please contact us at [email protected]. We will guide you through the onboarding process, obtaining the highest level of verification, to enable large transactions.
Stay tuned for additional, upcoming announcements. You can contact us 24/7 at [email protected].
Thank you for choosing Kraken, the trusted and secure digital asset exchange.
The Kraken OTC Team
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