(Taguig City, Philippines) May 15, 2019 – The Blockchain Center and VHCEx have signed a partnership agreement for a more convenient way of buying and selling of cryptocurrency through an over-the-counter (OTC) trading desk.
The Blockchain Center has signed a partnership with VHCEx to set up an over-the-counter (OTC) trading desk to cater to cryptocurrency traders who want to buy and sell crypto through OTC trading; a kind of trading that involves two parties executed outside traditional exchanges. (In this article, traditional exchanges will refer to a BSP-licensed exchange such as VHCEx.)
The trading desk will be set up at the Blockchain Center, Unit 1C, Icon Plaza Bldg, 26th St., cor 5th Ave, Taguig City.
Present to sign the agreement are Jay Villarante, founder of the Blockchain Center and Jenn Lim, founder of VHCEx.
While over-the-counter trading of cryptocurrency is familiar to experienced crypto traders, The Blockchain Center and VHCEx expect the trading desk to be helpful to beginners. In a statement, Jenn Lim of VHCEx said, “At the Blockchain Center, there will be people around to guide them in signing up and to share trading experience.”
Jay Villarante of The Blockchain Center said:
“The Blockchain Center is keen to provide a more accessible way for crypto transactions that can also pave the way for mainstream adoption. On the other hand, VHCEx believes that the partnership will help promote crypto trading not only for experienced traders but beginners as well.”
The partnership will give VHCEx a local partner that can serve as its cash-in and cash-out partner. The Blockchain Center, on the other hand, will benefit from VHCEx’s trading volume and the license it received from the BSP.
Bitcoin has been gaining momentum this last few weeks, culminating in a 56% increase in price per bitcoin in a 30-day period. As of press time, it is sitting at $8,000 to 1 bitcoin. The world’s biggest cryptocurrency by market cap last approached this price in August 2018.
An almost similar initiative is undertaken by BloomSolutions, also a virtual currency license holder, with local remittance firm Palawan Pawnshop, allowing users to go to select Palawan Pawnshops to trade bitcoin over the counter.
This article originally appeared on BitPinas: FirstTree Ventures Partners with BSP-licensed VHCEx for Bitcoin OTC Trading