Blockchain financial solutions provider OTC Exchange Network cracks Ogg to make an omelet of institutional trading market knowledge.
OTCXN, a capital markets infrastructure company using proprietary blockchain technology to claims it will eliminate the need for traditional financial intermediaries, will acquire Ogg Trading, LLC (Ogg Trading), a provider of advanced institutional trading technology.
The acquisition created a unique and powerful digital asset trading network, designed to serve increasing numbers of world-class institutional customers. OTCXN emerged from the transaction with unsurpassed trading capabilities that provide institutional traders with scalability, reliability, compliance, and speed. It also provides market participants with significantly lower levels of financial risk, higher levels of certainty, and demonstrable cryptographic provability.
See also: IBM offers blockchain, AI on financial services cloud
Ogg Trading founder David Ogg and Chief Technology Officer Rutie Zhou are joining OTCXN. An esteemed industry veteran with extensive experience in capital markets, Mr. Ogg previously served as founder and CEO of Hotspot FX (now BATS/CBOE); founder and CEO of Lava FX (acquired by Citigroup); and head of foreign exchange at Credit Suisse, HSBC, and other prominent banks.
“The Ogg Trading platform has an impressive track record of serving large global institutional trading firms supported by tier-one prime brokers,” said Rosario Ingargiola, founder and Chief Executive Officer of OTCXN. “Ogg Trading’s matching engine, liquidity aggregation and smart order routing technologies are demonstrably best-in-class – and are already accelerating the extensibility of our blockchain-powered trading infrastructure platform in both the FX and Cryptocurrency markets. Additionally, Dave Ogg brings experience and credibility that is all but unmatched in the industry.
“OTCXN is receiving heightened interest from major institutional traders, banks, and exchanges, and we’re excited to have Dave and Rutie join us as we embark on the next extraordinary growth phase of our company.”
“I am greatly looking forward to bringing this innovative combined technology into the institutional digital asset markets,” noted Mr. Ogg. “Further, our institutional-grade trading platforms, incorporating OTCXN’s powerful blockchain technology, will expand reach for institutional FX clients while significantly reducing trading counterparty and settlement risk.”
