Japan-based cryptocurrency exchange Coincheck has launched a cryptocurrency OTC trading desk for large institutional customers, according to a press release by the firm on Monday, April 1.
The Coincheck over-the-counter (OTC) service supposedly, will enable Investors; large-scale institutional customers trade on a larger amount of virtual cryptocurrencies in a single transaction and at a very attractive price.
Having Bitcoin (BTC) as their target currency, any investor can virtually trade a large number of Bitcoins with other investors through the OTC hosted on Coincheck (WEB). The minimum trade on the CoinCheck OTC platform is 50 BTC even though Coincheck mentioned that the OTC trading service will support other cryptocurrencies in time to come.
In the release, Coincheck stated that, over trading, trading outside the large OTC trading screen, use of API or the Coincheck app for trade purposes on Coincheck(WEB) is unavailable at the moment. Meanwhile, the scheduled time for every transaction on Coincheck (WEB) is limited to open strictly on weekdays by 10:00-15:00 (JST).
Finally, Coincheck warned prospective OTC traders to beware of the fluctuating price of cryptocurrencies which can result in losses. They were thus advised to understand the contents of a transaction before trading because every transaction made is at their own risk.
Coincheck’s Resurgence Story — From Hack to OTC Trading
Today’s release marks another significant step in the resurgence of Coincheck following the notorious $532 million hacks earlier in January 2018.
Following that unfortunate incident, the Japanese broker, Monex Group acquired Coincheck in mid-April the same year.
Under the new management, Coincheck employed strategic measures to enhance its trading system and protection techniques before reimbursing victimized customers following the hack.
Afterward, in November, Coincheck resumed their crypto trading exchange, as well as partnering with Japan Network Security Association on the purpose to restore their status quo.
Meanwhile, in line with earlier reports by Coinfomania, Coincheck’s new OTC desk will only be one in a list of several launched recently, each with a specific feature to meet the demand of the institutional clients.
In November 2018, we reported that U.S based cryptocurrency exchange and wallet provider Coinbase introduced their OTC trading service basically for institutional customers while in a later update, South Korean cryptocurrency exchange’s Bithumb launched its own trading desk named “Ortus” to enable institutional customers to make transactions swiftly.