Share this article
BTSE Exchange Taps Into Crypto Demand by Increasing Request-for-Quote Limits
BTSE, a Dubai-based cryptocurrency exchange, has upped the limit for its over-the-counter request for quote (RFQ) due to April's surge in bitcoin demand.
Updated Sep 14, 2021, 8:35 a.m. Published Apr 30, 2020, 3:00 p.m.
BTSE, a British Virgin Islands-based cryptocurrency exchange, has upped the limit for its over-the-counter request for quote (RFQ) due to April's increasing demand for bitcoin.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The limit, which has been changed from $100,000 to $1 million, represents a ten-fold increase resulting from growing investor demand in digital assets, the exchange says.
It comes at a time when bitcoin's continuous rally from its March 13 "Black Thursday" low of $3,850 saw prices reach as high as $9,463 on Thursday.
"After being extremely undervalued throughout the greater part of March, bitcoin has made a full recovery in just one and a half months," Jonathan Leong CEO and co-founder of BTSE told CoinDesk. "Approaching the halving, I see the outlook as very bullish."
Read more: Bitcoin Halving, Explained
Advertisement
An RFQ is a trading system or tool used to overcome issues of price slippage. Put simply RFQ is an electronic real-time message sent to liquidity providers connecting interested buyers or sellers.
"We're hearing directly from our users that bitcoin and other alternative forms of finance are increasingly in demand. Users are demanding this limit increase," Leong added.
The quote is provided by a provider, in response to an RFQ by other market participants (buyers/sellers). It is similar to the way trading pits on a stock exchange floor operate, where traders yell across the pit, seeking a market.
Read more: SEC Seeks More Feedback on tZERO’s Proposed Security Token Exchange
BTSE sought to raise $50 million in one of the first token offerings on the Liquid Network, the parallel system to bitcoin created by startup Blockstream.
After completing its private sale in February this year, BTSE offered 1 million BTSE tokens during their public token sale in March via the exchange. The tokens sold out within the first four hours, according to Leong.
UPDATE (April 30, 15:44 UTC): A previous version of this article said BTSE was based in Dubai. It moved to the British Virgin Islands earlier this year.
More For You
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
Top Stories
