Coincheck launches Bitcoin OTC Trading Desk for large-scale institutional clients
The Japanese cryptocurrency exchange Coincheck has launched an over-the-counter bitcoin trading table (BTC) for large institutional investors. Cointelegraph Japan reported the news on April 1.
Trading Desk Coincheck OTC will allow customers to trade large volumes of bitcoin-from 50 BTC ($207,000 to press time) — via a web interface hosted by Coincheck.
Opening hours will be limited to 10: 00-15: 00 (JST) business days, and overtime trading and use of the Coincheck app or trading API are not eligible, the blog post accompanying the launch of the new OTC desk clarifies.
Coincheck wrote that the new service will allow large institutional players to quickly buy and sell large volumes of cryptography, and noted that in the future it will consider adding OTC support for cryptocurrencies other than Bitcoin.
As previously reported, a major cryptocurrency and wallet provider Coinbase in the US launched its own OTC services for institutional clients in November 2018, going through the process to become a fully regulated broker dealer by the us securities and exchange Commission (SEC) last year.
Coincheck, which is known to have suffered an industry record of $532 million in January 2018, was acquired by Japanese broker Monex Group in mid-April of the same year to ferry its shareholder structure and management.
Under the new leadership, Monex Coincheck has taken a number of measures to improve its security and trading systems, as well as to compensate customers affected by hacking. In mid-November 2018 Coincheck has resumed cryptotrading and joined the Japanese Association of network security in the stated attempt to rebuild its image. The exchange received licenses from the Japanese financial services Agency in December 2018.