Bit.com, a cryptocurrency derivative exchange by Matrixport, today announced a new partnership with Paradigm, a crypto OTC liquidity network. Together, the two entities are launching a fully-automated Request For Quote (RFQ) protocol on Bit.com.
This new RFQ protocol will provide on-demand liquidity for large-size orders and competitive pricing for the following structures:
- Single-leg structures (Outright Calls, Puts, and Futures) for BTC and ETH
- Multi-leg structures for BTC and ETH options/futures (such as Straddles, Strangles, Call and Put Spreads, and even future spreads)
- -Coming soon: Single and multi-leg structures for BCH
Bit.com/Paradigm RFQ allows traders to simultaneously request two-way quotes from multiple dealers without revealing their identity or trade direction and then instantly execute on the best bid/offer.
Paradigm aggregates prices and displays the best bid/offer on Bit.com; execution is confirmed on Paradigm and settled within the user’s Bit.com account.
“With more financial institutions entering the crypto market, RFQ will play an important role in the growth of institutional crypto options trading by providing a single point of access to multi-dealer, block liquidity.”
– The Bit.com Team