itBit opens OTC Agency Trading Desk

itBit, a US-based bitcoin exchange, is launching an over-the-counter (OTC) trading desk, that will deal in large transactions of more than 100 bitcoins (equal to $27,600 at present).

The exchange is the first ever bitcoin company to receive a trust company charter from the New York Department of Financial Services (NYDFS), which permits it to operate in all 50 states as a fully regulated financial services entity. It now seeks to attract large investors by offering a service parallel to that of regulated institutional OTC trading desks.

It said that it would charge no fees for users eliminating liquidity from the marketplace and that it will offer same-day settlement and a personalized, private trading experience.

As a promotional offer, it is offering $50 in bitcoin to users making their first OTC trade.