Coincheck, a Japanese cryptocurrency exchange launches an over-the-counter trading desk for Bitcoin (BTC), that will be aimed at large-scale institutional investors.
Cointelegraph Japan reported the news on April 1, the Coincheck OTC trading desk will allow its user to directly trade large volumes of Bitcoin, starting from 50 BTC approximately $207,000 to press time, between each other using a web interface hosted by Coincheck.
The trading desk’s opening hours will be limited to weekdays 10:00-15:00 (JST), overtime trading, use of the Coincheck app and or API trading is not eligible, as elaborated by the exchange in a blog post accompanying the launch of the new OTC desk. Coincheck added that the new service will enable large-scale institutional players to trade large amounts of crypto swiftly.
The post also indicated that support for cryptocurrencies other than Bitcoin could be considered in the future.
In November 2018, a major United States-based crypto exchange and wallet provider, Coinbase introduced its own OTC services for institutional clients and has managed to become a fully regulated broker-dealer by the U.S. Securities and Exchange Commission (SEC) last year.
Coincheck, suffered a massive $532 million hack in January 2018 and was subsequently acquired by Japanese broker Monex Group in mid-April of that year in a move to rehaul its shareholder composition and management. Coincheck has had taken a series of measures to improve its protection and trading systems and has reimbursed those customers affected by the hack.
Under the new stewardship of Monex, Coincheck resumed crypto trading in mid-November 2018 and joined the Japan Network Security Association in a stated bid to restore its image. The exchange was granted an operating license from Japan’s Financial Services Agency in December 2018.
Read more: India-based Crypto Exchange Coindelta Shuts Down Citing Inimical Regulatory Conditions
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