Coincheck Launches Bitcoin OTC Trading Desk for Large-Scale Clients
Disclaimer: this article previously stated that Coincheck’s new product was aimed at institutional clients. It has been updated for accuracy.
Japanese cryptocurrency exchange Coincheck has launched a Bitcoin (BTC) over-the-counter trading desk for large-scale investors. Cointelegraph Japan reported the news on April 1.
The Coincheck OTC trading desk will enable clients to directly trade large volumes of Bitcoin — starting from 50 BTC ($207,000 to press time) — between each other using a web interface hosted by Coincheck.
Opening hours will be limited to weekdays 10:00-15:00 (JST) and overtime trading and use of the Coincheck app or API trading are not eligible, the exchange clarified in a blog post accompanying the launch of the new OTC desk.
Coincheck has written that the new service will allow large-scale players to buy and sell large amounts of crypto swiftly, and it has also indicated that it will consider adding OTC support for cryptocurrencies other than Bitcoin in future.
As previously reported, major United States crypto exchange and wallet provider Coinbase launched its own OTC services for institutional clients in November 2018, having gone through a process to become a fully regulated broker dealer by the U.S. Securities and Exchange Commission (SEC) last year.
Coincheck — which notoriously suffered an industry-record-breaking $532 million hack in January 2018 — was acquired by Japanese broker Monex Group in mid-April of that year in a move to rehaul its shareholder composition and management.
Under the new stewardship of Monex, Coincheck took a series of measures to improve its protection and trading systems, as well as reimbursing those customers affected by the hack. In mid-November 2018, Coincheck resumed crypto trading, as well as joined the Japan Network Security Association in a stated bid to restore its image. The exchange was granted an operating license from Japan’s Financial Services Agency in December 2018.