cryptocurrency exchange announced on April 1, 2019, that it is launching a over-the-counter () desk for institutional investors. The new service enables large-scale players to buy and sell large amounts of cryptocurrencies swiftly.
Initially Accepting bitcoin
The Japan-based cryptocurrency exchange reported via a that institutional investors will be able to trade large volumes of bitcoin using a new web interface the firm is hosting. The OTC trading desk initially accepts the only BTC, but it is likely to be expanded shortly to accommodate other cryptocurrencies as well.
As BTCManager in July 2018, Coincheck was acquired by Japanese financial service provider following the January 2018 hacking incident where over $530 million worth of NEM cryptocurrency was stolen. Monex group announced then it was planning to expand its operations to the United States via the subsidiary and open cryptocurrency trading operations.
In the Footsteps of Coinbase
The initiative by Coincheck follows a similar one by leading U.S. based cryptocurrency exchange which its OTC services for institutional crypto clients in November 2018 after going through the rigorous process of becoming a fully regulated broker by the Securities and Exchange Commission () a year earlier.
Since the takeover by the Monex group, Coincheck has been rebuilding its systems, and they made the necessary changes that saw them receive a from Japan’s Financial Services Authority ().
Some of the steps included following rigorous anti-money laundering () procedures, know-your-customer () and the of anonymous cryptocurrencies. The exchange trading of the XRP and Factom altcoins in November 2018.
It seems that Coincheck is planning to shed the tag of having been a victim of the greatest cryptocurrency hacking and gone back to operations and now has gone on to move into the OTC cryptocurrency trade for institutional investors.
Under the new stewardship of Monex, Coincheck is restoring its image and even planning to reimburse the customers who were affected by the hacking incident.
Published at Mon, 01 Apr 2019 12:00:33 +0000
