The Japanese crypto exchange giant Coincheck, officially launched a bitcoin (BTC) over-the-counter trading (OTC) desk this time for large-scale institutional investors according to reports that reached our blockchain news today.
The reports coming from the Japanese Cointelegraph show that Coincheck OTC trading desk will allow its clients to easily and directly trade large volumes of Bitcoin. Trading bitcoin can start from 50 BTC which is about $207,000 to press time on the platform with a specialized web interface hosted by the crypto exchange itself.
The platform will be opened but limited to weekdays only starting from 10 in the morning to 15:00 but also it’s important to notice that the overtime trading and using the Coinche app with the API trading options will not be available according to the explanation provided in a blog post where the time and date of the launch it’s also mentioned.
Coincheck made clear that this new service will make it easy for large-scale investors and institutional entities to buy and sell a lot bigger amounts of crypto than any other regular exchange extremely easy but the platform also noted that they are considering adding an OTC support option for multiple cryptocurrencies in the future and not only Bitcoin.
As previously reported by DC Forecasts, one of the largest crypto exchange and wallet providers Coinbase, also launched its own OTC services for larger institutional clients back in 2018 after going through a series of regulatory steps and to become the fully regulated broker-dealer as we know it today by getting a license from the U.S Securities and Exchange Commission (SEC) in 2018.
Coincheck suffered a major hack in January last year where it lost about $532 million and was later acquired by the Japanese broker Monex group in the same year which was an attempt to revive the platform bring back the shareholder composition.
Now, being under Monex, Coincheck improved its protection system and also its trading system so it was able to resume trading. The exchange also joined the Japan Network Security Association after which it obtained an operating license from the Financial Services Agency of Japan in December 2018.
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