Binance is investing $3 million in a crypto startup
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Answer Binance is investing $3 million in a crypto startup
It seems that the Binance platform has not been significantly affected by the market downturn and is still working continuously to expand and invest in modern technology projects. The news came today that the Binance platform announced a new investment in one of the American OTC markets called (Koi Trading).
revealed Binance Labs In a press release, it has invested $3 million in Koi Trading, which is a bit large for OTC market investments in general.
Koi Trading is known as the OTC market and is headquartered in San Francisco, USA. The company aims to be a global choice for buying cryptocurrency off-platform. The company is also distinguished by providing its services in data science, consulting and market research.Read:The CEO of “CryptoCom” Criticizes “CoinMarketCap” for Providing Wrong Trading Volumes
Commenting on Binance’s decision to invest in Koi Trading, Chairman of Binance Labs, Ella Zhang commented: “Koi Trading’s mission is to bridge the gap between cash and crypto in a consistent manner. This aligns with our vision at Binance to build the necessary infrastructure for the crypto markets.”
It is worth noting that the Koi Trading team consists of a group of experts including the CEO and founder of the company, Hao Chen, who stated: “The Koi Trading team will work continuously to expand into new markets such as North America, Asia and the European Union with the aim of closing the gap in the market for OTC.”
The spread of OTC markets in the world of cryptocurrency
Previously in the Arab Bitcoin Group Explain the importance of OTC markets in the world of cryptocurrencyBut it should be noted that these markets are prevalent in China and India, specifically, after the government ban on cryptocurrency trading.
The OTC market in China operates using various chat applications such as WeChat, and the method is similar to The Arab Bitcoin group on Telegram dedicated to buying and selling digital currencies between individuals on a peer-to-peer (P2P) principle.Read:How Project 0x will help develop the Ethereum network
Binance’s investment in Koi Trading will help solve the problem of difficulties on a global level, and the company aims to give customers a better choice.
It is worth noting that the OTC market is booming on a global level despite the market’s decline in the current period, as a number of sources stated that the Circle’s OTC trading platform saw more than $100 million in trading.
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