Binance’s Startup Incubator Invests $3M to US-Based Crypto OTC Trading Firm
Cryptocurrency exchange Binance’s business incubator and investment division has added an over-the-counter (OTC) trading desk to its growing list of supported startups.
Binance Labs has invested US$3 million into Koi Trading, a crypto OTC trading platform based in San Francisco. In addition to offering direct trades, Koi Trading also provides support to its client companies in the form of research, data analysis, and consultations.
Ella Zhang, Head of Binance Labs, said:
“Koi Trading’s mission is to bridge fiat and cryptocurrencies in a compliant manner. This aligns with our broader vision at Binance to build the infrastructure which provides the freedom of value exchange globally.”
Hao Chen, Koi Trading CEO, added:
“Our team of experienced traders and sales personnel will join forces to tap into vast networks of counterparties in North America, Asia and the EU, bridging the gap that divides the current OTC landscape. We are thrilled that Binance Labs recognizes our team’s unique ability to deliver this vision.”
According to its website, Binance Labs’ goals are to “solve the problems that matter most to the ecosystem” and to provide positive changes to the world. The incubator has provided support to some of the most promising projects in the crypto and blockchain space, including Contentos, OasisLabs, and MobileCoin, among others.