niftynei on Nostr: when i worked at cashapp ages ago i got to meet the person on the team that was ...
when i worked at cashapp ages ago i got to meet the person on the team that was responsible for doing the exchange's OTC trades for keeping the bitcoin float at the right 'level'.
they exchanged buy/sell orders via an encrypted chat on <redacted> messaging app.
the "float" was the margin of bitcoin on the books that belonged to cashapp. the goal was to have enough available so that any incoming buy order was immediately fulfilled, but not too much so that the org was over-exposed to the asset.
so there was a person on the team that bought and sold coins with a real-live trading partner to keep our 'float' where it needed to be
this was 6y ago now; i'm sure they have a different process in place. and i'm 99% sure they've rotated out their trading partner, as the one they *were* using back in the day is now in bankruptcy
they exchanged buy/sell orders via an encrypted chat on <redacted> messaging app.
the "float" was the margin of bitcoin on the books that belonged to cashapp. the goal was to have enough available so that any incoming buy order was immediately fulfilled, but not too much so that the org was over-exposed to the asset.
so there was a person on the team that bought and sold coins with a real-live trading partner to keep our 'float' where it needed to be
this was 6y ago now; i'm sure they have a different process in place. and i'm 99% sure they've rotated out their trading partner, as the one they *were* using back in the day is now in bankruptcy