The Japan-based crypto wallet and exchange service Coincheck has introduced a new over-the-counter (OTC) cryptocurrency trading platform, specifically for major institutional clients, according to a report on April 1.
This new OTC trading desk will allow customers to perform direct transactions regarding Bitcoin between parties, with a minimum sum of 50 BTC ($207,000 to press time), via Coincheck web interface.
The trading service will be open for public use on weekdays, from 10 am to 3 pm (JST). Both overtime trading and the use of Coincheck app or API trading will not be accepted, as said in a Coincheck blog post regarding the launch of the OTC desk.
This new OTC trading service is expected to provide support for major crypto-related institutional corporations in buying and selling digital assets with ease. The firm is looking to develop more OTC features that support other major coins apart from Bitcoin.
Coincheck has been a victim of a major, notorious crypto cyber attack that resulted in a $532 million financial damage. The firm had been bought by the Japanese financial services heavyweight Monex Group in April 2018.
With the help from Monex Group in terms of operation and supervision, Coincheck has been taking steps in enhancing its security and trading systems, along with returning the fund for every client that suffered the hack. In November 2018, the company’s crypto trading platform was back in business, as well as became a member of the Japan Network Security Association, in an attempt to restore its former reputation. The firm received an operating license from Japan’s Financial Services Agency in December 2018.