A private international commodities and digital asset trading company based in Hong Kong has confirmed support for Ethereum on its OTC desk for large trades of the world’s second most successful cryptocurrency, after the grandfather of all cryptocurrencies, Bitcoin. The trading house Octagon Strategy has listed Ethereum trading on its roster of supported cryptocurrencies. The private trading house, which claims to facilitate ‘access to large-scale acquisition and trading of an array of digital assets for institutions, wealth managers, mining consortiums and Family Offices’, adds support for Ethereum alongside the cryptocurrencies like Bitcoin and Litecoin.
The head trader of Octagon Strategy Ryan Rabaglia confirms that the private companies largest volume asset is still Bitcoin while adding that its buyers are diversifying into other digital assets in parallel. Ethereum, in particular, has had a fantastic performance in the month of March, smashing a series of all-time records as overall value pushed past $4 billion in its market cap toward mid-March, doubling its scale of $2 billion on March 12. Ethereum prices nearly tripled during that time.
“Recent news coverage and high prices have driven interest in the wider digital assets sector. In the past year, the total market cap for Ethereum has risen from $875 Million USD to over $4.5 Billion USD,” Rabaglia claimed, explaining why his firm has included Ethereum on their books. “Savvy buyers have been clamouring for access to the market and the challenge for interested parties has traditionally been the difficulty to enter.”
Near late-March, Ethereum received a boost when digital currency exchange Coinbase became the first crypto trading platform to offer Ethereum trading for New York buyers after gaining approval from the state’s financial regulatory body.
We can see Ethereum is really making its presence known now and has gained massive respect and an intelligent following of tech-savvy people. With private trading houses putting Ethereum on the books it can only help the visibility and growth of the coin.