Well-known exchange acquires OTC platform to expand OTC trading scale

Recently, the crypto assets industry welcomed an important transaction. A well-known exchange announced the acquisition of a prominent OTC trading service platform in the industry. This move will significantly expand the exchange's OTC business scale, increasing its operational team to over 20 people. It is worth mentioning that the exchange's OTC business will be led by Wall Street veteran Nelson Minier.

According to industry insiders, the acquired OTC platform has been looking for buyers since the summer of this year. The platform recorded a nominal trading volume of $24 billion in 2018. However, in March of this year, the platform's parent company had to cut about 30 employees from its finance department, accounting for around 10% of its total workforce, due to the increasingly stringent regulatory environment in the United States. In addition, the OTC business is also facing challenges of talent loss, including the departure of former OTC head Ryan Salame.

Looking back, the parent company of the acquired OTC platform underwent a series of business adjustments. It successively suspended the operations of its research department and payment application. Notably, the company acquired one of the world's largest digital currency exchanges at a high price of $400 million in early 2018. However, in October of this year, the exchange announced independent operations, taken over by a company based in Asia.

This series of changes reflects the rapid transformation and challenges within the crypto assets industry. As the regulatory environment continues to evolve and market competition intensifies, industry participants are continually adjusting their strategies to adapt to the new circumstances. This acquisition may signal further consolidation in the OTC Trading market and suggests that the crypto assets industry may be on the verge of a new round of transformation.