How Do OTC Desks in Crypto Differ from Traditional Dark Pools?

Crypto OTC desks often operate as principal desks, meaning they act as the counterparty to the trade, taking the other side from their own inventory. Traditional dark pools, conversely, are typically alternative trading systems (ATS) that match buyers and sellers as an agent, without taking a principal position.

Crypto OTC trades are generally settled bilaterally off-exchange, offering greater privacy and often better pricing for large blocks.