In line with a recent ‘announcement‘ published, renowned Japanese crypto-currency exchange namely ‘Coincheck’ has revealed a Bitcoin OTC [Over-The-Counter] trading desk for large-scale institutional investors.
Coincheck’s OTC trading desk will offer its users to directly trade large volumes of Bitcoin [BTC] – ranging from 50 Bitcoin [BTC] around $207k USD at the reporting time – between one another employing a web interface hosted by Coincheck.
However, the opening hours are restricted to weekdays i.e 10:00-15:00 [JST] and overtime commercialism and use of the Coincheck application or API trading aren’t eligible, the exchange added in its official ‘web-blog‘ post accompanying to the launch of the new OTC desk.
Moreover, Coincheck added that the new service can enable massive-scale institutional players to purchase and sell large amounts of cryptocurrencies quickly, and it has also additionally indicated that it’ll take into account adding OTC support for cryptocurrencies apart from Bitcoin’s [BTC] within the coming future.
As antecedently reported, another major U.S cryptocurrency exchange and wallet provider Coinbase launched its own OTC services for institutional users earlier in Nov. last year, having gone through a ‘process‘ to become a completely ‘regulated broker dealer‘ under the Unites States SEC [Securities and Exchange Commission] last year.
Coincheck — that notoriously suffered an industry-record-breaking ‘$532 Mln‘ hack earlier in Jan last year – was acquired by Japanese broker ‘Monex Group’ in mid-April of that year in an exceedingly move to rehaul its investors composition & ‘management‘.
Under the new spot of Monex, Coincheck exchange took a series of measures to enhance its protection and commercialism systems, along with ‘reimbursing‘ those customers suffering from the hack. Even earlier in mid-Nov. Even Last year, Coincheck resumed cryptocurrency trading, as well as ‘joined‘ the Japan Network Security Association in an exceedingly declared bid to revive back its image. The exchange was ‘permitted‘ with a full operational license from Japan’s FSA [Financial Services Agency] earlier in Jan. thic year.