Coincheck Announces Bitcoin OTC Trading Desk For Institutional Clients
Coincheck a Japanese based cryptocurrency exchange has recently announced its Bitcoin over the counter trading desk for large scale institutional investors looking to expand their trading portfolio to cryptocurrencies.
The Bitcoin OTC services would allow these institutional clients to trade large sums of Bitcoin starting at 50 BTC among each other using the Coincheck web interface. The new OTC services would only be available for weekdays expanding from 10:00-15:00 (JST).
The Coincheck also released a blog post along with the annoncement of the trading services, which makes it clear that the trading services will only be available for the announced time on weekdays, while overtime trading and use of Coincheck services or the API beyond the mentioned time on weekdays is not available.
Coincheck Might Add Other Altcoins Later
Currently, the over the counter trading services is only limited to Bitcoin, where institutional investors can trade large volumes of Bitcoin swiftly, and if the services gain enough popularity it might add other altcoins to the list as well.
Coincheck seems to be following on the path of Coinbase which has launched its cryptocurrency trading over the counter services back in November 2018. Coinbase has made ammendemnts and the changes to their brokerage services in order to become a fully regulated broker dealer by the U.S. Securities and Exchange Commission (SEC) last year.
Coincheck was acquired by the Japanese broker group Monex in April last year after the exchange suffered a hack of $532 million in January 2018. The new ownership lead to a series of measures and changes to improve the eexchange’s security and trading systems.
Monex Group also focued on reimbursing the suffered clients and customers due to the hack and bring back the trust of the community. After the acquisition by Monex group the Coincheck resumed its trading services back in November 2018. The exchange also joined the Japan Network Security Association in order to restore its image.
he exchange was granted an operating license from Japan’s Financial Services Agency in December 2018. With the launch of its new trading services for institutuional investors the exchange is looking to become one of the few firms to avail such a service.