Cryptocurrency exchange, Bithumb launched an over-the-counter (OTC) trading desk for digital assets. Dubbed as Ortus, the Hong Kong-based venture is a “block deal, matchmaking service” for institutional clients.
The over-the-counter deal includes two parties that trade directly with each other, unlike on an exchange where orders are matched between buyers and sellers. As per the announcement made on Thursday the Rahul Khanna, Bithumb’s director said:
“Ortus will operate to allow institutions to buy and sell digital assets through a network of global liquidity providers and benefit from a competitive and best price execution service.”
As per its website, Ortus has offices in the U.K., Hong Kong, Japan, Australia, and Argentina. The firm states, that the client will have to go through “strict” onboarding processes, including know-your-customer (KYC) and anti-money laundering (AML) documentation.
The platform will also offer insured custody and transfers from a U.S.-based bank account, however, the firm did not disclose that which digital assets will it offer for OTC trades. In recent months, several crypto exchanges have launched OTC trading desks to capitalize on growing interest from institutions.
Last month, Bittrex launched an OTC desk supporting nearly 200 cryptocurrencies and in December 2018, Poloniex opened OTC trading service for institutional clients with a minimum order size of $250,000.