The investment arm of cryptocurrency exchange Binance, Binance Labs, is future-proofing and has invested in an OTC trading company based out of San Francisco.
In a press release on Thursday, Binance Labs announced that it is sinking $3 million in Koi Trading, a cryptocurrency OTC trading company.
Ella Zhang, head of Binance Labs says, “Koi Trading’s mission is to bridge fiat and cryptocurrencies in a compliant manner. This aligns with our broader vision at Binance to build the infrastructure which provides the freedom of value exchange globally. Koi Trading founders are long-time blockchain believers, with deep knowledge of the technology, OTC operations and regulatory space. Their team is dedicated to making a positive impact and we are excited to welcome them into the Binance Labs family.”
Investing in a cryptocurrency OTC trading company is, in a way, future-proofing for the world’s largest cryptocurrency exchange. There is a significant need for cryptocurrency OTC trading, especially in China and the US. With the ban currently in place in the Asian country, investors are often forced to trade via WeChat, not exactly the most secure way.
With Binance Labs investing in Koi Trading, customers can have a safer option for cryptocurrency OTC trading.
“Our team of experienced traders and sales personnel will join forces to tap into vast networks of counterparties in North America, Asia and the EU, bridging the gap that divides the current OTC landscape. We are thrilled that Binance Labs recognizes our team’s unique ability to deliver this vision; we cannot wait to build a reliable and professional brand around the globe in partnership with Binance Labs,” says Koi Trading founder and CEO Hao Chen.
