Top Japanese crypto exchange Coincheck has launched OTC crypto trading services that will cater to institutional clients. This is according to an announcement that was made on Monday by the exchange. Currently, the service will only serve Bitcoin trades; however, the platform said that it would consider other crypto coins in the future.
According to the statement, the OTC trading desk, for now, will allow customers to buy and sell a minimum of 50 BTC which currently cost around ($205,423) at a go and at attractive prices. The service will be offered on weekdays between 10 a.m. (13 UTC) and 3 p.m. (18 UTC) Japanese time.
OTC trading services allow two parties to trade directly with each other, unlike exchanges where orders are usually matched between buyers and sellers.
Coincheck suffered a major hack last year
Considering Coincheck suffered a major hack at the start of last year this move is quite impressive as the exchange has managed to turn around its fortunes under the tutelage of Monex Group. The exchange lost 500 million NEM tokens that were worth around $530 million from its digital wallets.
The hack forced the crypto trading platform to suspend all its services for several months before resuming trading of all the listed cryptocurrencies in November of last year.
However, this wasn’t before Japanese online brokerage company Monex Group acquired the firm in April 2018 for $33.5 million.
Since then Coincheck has received regulatory license to operate in Japan and has already been registered with the Kanto Financial Bureau under the nation’s Payment Service Act. The exchange also has other plans to resume other features including a scheme that lets users pay utility bills with crypto, depositing of the Japanese Yen through convenience stores and leveraging transactions.
What’s your take on Coincheck launching an OTC cryptocurrency trading service that will cater to investors with deep pockets? Share your thoughts in the comment section below.