Singapore, May 13th 2020 – Bitrue, a leading financial services platform, today announced a partnership with Legend Trading which will enable Bitrue to offer fiat OTC services for users worldwide. This feature is the latest in a series of innovative financial services provided by Bitrue, who now provide a comprehensive suite of features to function as a one-stop platform for cryptocurrency services.
This new function enables users to quickly convert their fiat assets to cryptocurrencies, or vice versa, permitting them to begin trading cryptocurrencies with minimal delays or difficulties.
OTC services are frequently used by institutions with large trading volumes. For the first time, this premium service will become available to verified ordinary users thanks to Bitrue’s solution, in accordance with Bitrue’s mission to level the playing field for financial services. 8 currencies will initially be supported, including USD, EUR and GBP. Customers will enjoy the same level of protections, liquidity and improved rates afforded to institutional investors.
Curis Wang, CEO of Bitrue, said:
“Getting started with crypto trading is often a byzantine and stressful procedure, where users are often left wondering if their funds are secure or lost. Bitrue offers a safe and reliable fiat trading service, as user funds do not leave the exchange during the process, and the exchange is able to monitor every step. A fiat gateway service, provided by Legend Trading, will smooth the process considerably. We’re pleased to provide a service that makes trading more accessible and will increase crypto adoption rates.”
OTC services join the existing suite of diversified offerings Bitrue provides, which includes crypto-backed loans, investment opportunities, and trading on a variety of cryptocurrencies.
Legend Trading was founded by Hao Chen, the former CTO of Huobi US and cryptocurrency industry veteran. Legend is a US-compliant OTC trading platform, registered as a MSB (Money Service Business). Counterparties must pass a strict KYC process and meet AML requirements to trade with Legend.
Legend offers impressive liquidity and competitive quotes through its connections to major cryptocurrency institutions. It’s one of the few OTC service providers in the industry that supports multiple fiat currencies, including USD, EUR, HKD, GBP, SGD, AUD, JPY, MXN, and more. This partnership enables Bitrue to bring these options to institutional investors, and for the first time offer USD services to individuals.
“Treasure Box,” Legend’s institutional trading platform, offers electronic trading APIs and a user-friendly GUI system where counterparties request for quotes and trade. It also has a front-end OTC SDK that can be embedded into exchanges to enable OTC services. This innovative SDK is built with Javascript/HTML and works as a simple “fiat-crypto trading plug-in”. It has attracted much interest from institutions that currently trade crypto-to-crypto.
On the settlement side, Legend Trading banks with Silvergate Bank (NYSE: SI), Metropolitan Commercial Bank (NYSE: MCB), and others.
Hao Chen, CEO of Legend Trading, said:
"Bitrue has been a long-time counterparty and partner, we are excited to take the collaboration to the next level. It will pave the way for those who are interested in cryptocurrencies but have difficulties in buying/selling with fiat currencies."
In addition to Bitrue, Legend’s partners include wallets, DeFi service providers, Bitcoin miners, exchanges such as Huobi and OKEx, and the compliance service providers CipherTrace and AnChain.
Most of Legend’s counterparties are institutions from the U.S. and Asia, while the firm is looking to expand in Europe and Africa.
About Bitrue
Bitrue is a growing cryptocurrency exchange and digital asset management service that is disrupting the industry by adapting traditional financial services to newly emerging crypto markets. Launched in July 2018, Bitrue offers worldwide services to cryptocurrency investors with offices across the globe. Bitrue has a close relationship with Ripple, with whom they share a vision regarding the potential of crypto assets, and is one of the top exchanges within the XRP community. They now support over 50 XRP pairs and have become one of the top 3 exchanges globally ranked by XRP volume, owing to significant market share in English speaking markets and SEA. Bitrue is backed by strong communities and is a one-stop platform for crypto traders around the world with its latest addition of fiat purchases.
More information is available at https://www.bitrue.com.
About Legend Trading
Legend Trading is a cryptocurrency OTC desk. It offers deep liquidity and a customized service to institutions needing to execute large orders. Treasure Box, Legend’s robust electronic trading system has been utilized by institutions around the globe. Legend partners with major exchanges, wallets, stablecoins, DeFi service providers, Bitcoin miners including Huobi, OKEX, Bitrue, Bitmart, Tagomi, LGO Markets, Abra, Lendf.me, as well as compliance service providers CipherTrace, AnChain and Aver.
More information is available at https://www.legendtrading.com.