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The Japanese Coincheck exchange has launched an OTC cryptocurrency trading service for institutional clients, the firm said on Monday.
Although the service seems to mainly serve bitcoin trades, Coincheck m said he will consider transactions in other cryptocurrency.
Coincheck said its OTC trading desk would allow customers to buy and sell a minimum of 50 bitcoins ($ 205,423 at the time of publication) "quickly" at one time and at "attractive prices". This service is available on weekdays between 10:00 and 13:00 (UTC). and 15 hours (18 UTC) Japan time.
In an OTC trading service, two parties trade directly with each other, unlike a stock exchange where orders are matched between buyers and sellers.
Coincheck suffered a $ 530 million hack in January 2018, he lost about 500 million NEM tokens from his digital wallets. The exchange was subsequently acquired by the Japanese online broker Monex Group for $ 33.5 million in April last year.
The cyber-attack also forced Coincheck to suspend his services for a few months. In November, however, he had reinstated services for all cryptos listed on its platform.
Coincheck has since received a regulatory license in Japan and is now an entity registered with the Kanto Financial Bureau under the country's Payment Services Act. Previously, he planned to take on other features, such as leveraged transactions, depositing yen through convenience stores, and a system that allows users to pay their utility bills with encryption.
A number of stock exchanges have recently decided to launch off-exchange trading services. Last week, Huobi Global's US subsidiary launched an institutional group for OTC cryptocurrency trading. Although earlier this year, Bithumb Global and Bittrex has also launched similar services.
Bitcoin, image of yen via Shutterstock
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