• The FTX crash could trigger a bigger demand for crypto OTC services as investors are looking for alternative crypto exchange methods amid weak trust in CEXs.
• BestChange, a UAE-based OTC crypto exchanger aggregator, stated that OTCs often act as an entry point to crypto for most users.
• According to BestChange chief analyst Nikita Zuborev, the latest industry events could have a positive effect on the crypto OTC segment.
The recent crash of the FTX cryptocurrency exchange has caused a stir in the crypto community and has left many investors feeling uncertain about the safety of their funds. This event has highlighted the importance of using alternative methods of trading cryptocurrency, such as over-the-counter (OTC) trading.
OTC trading has long been used by cryptocurrency investors as a way to buy and sell coins without the need for a centralized exchange. OTC services are generally more secure than their centralized counterparts and can provide a more private means of trading for investors. The FTX crash could potentially lead to an increased demand for OTC services as investors seek out alternative methods of trading.
In order to gain more insight into the current state of the OTC crypto markets, Cointelegraph spoke with BestChange, a UAE-based OTC crypto exchanger aggregator with Russian roots. BestChange chief analyst Nikita Zuborev stated that OTCs often act as an entry point to crypto for most users. He also noted that users often resort to the services of OTC exchangers in order to replenish the balance on a crypto exchange or sell their crypto.
Zuborev also mentioned that the latest industry events could have a positive effect on the crypto OTC segment. According to him, the fiasco of the FTX exchange could encourage more users to seek out alternative methods of trading, such as OTC services. He also noted that for countries in Eastern Europe and Central Asia, OTC exchangers remain the only convenient way to work with cryptocurrency.
Overall, the FTX crash has highlighted the importance of using alternative methods of trading cryptocurrency. OTC trading provides users with a secure, private, and convenient way to buy and sell coins. The increased demand for OTC services could potentially lead to an increase in the number of users utilizing these services in the near future.