The Tokyo-based cryptocurrency exchange Coincheck has launched a bitcoin over-the-counter (OTC) trading service for its users, per a published on its official blog.
The platform’s OTC trading desk will serve the needs of large-scale and institutional investors that want to trade large volumes of digital assets. Trading starts from 50 BTC (worth about $207,900 USD at press time) via Coincheck’s web interface.
Currently the OTC trading desk serves only investors who want to trade in bitcoin. However, according to the company, there are plans to launch OTC trading for other digital assets as well.
A Long Road to Redemption
This announcement is a continuation of Coincheck’s revival efforts following a security breach last year during which the exchange about $532 million in NEM (XEM) tokens.
In the wake of the attack, the exchange was forced to shut down its operations for a few months. About three months later, the platform was for 3.6 billion yen (roughly $33.6 million USD at the time) by , a Japanese online brokerage dealer that went on to perform a complete overhaul of its management.
With executives from Monex at the helm, Coincheck kicked off its , starting with of funds to customers who were affected by the hack.
The exchange reopened to customers in November 2018, and it was a regulatory license from the Kanto Local Finance Bureau under Japan’s Payment Services Act. Coincheck’s platform was also restructured by “security experts” to ensure it adhered to best practices on security measures. The exchange also the Japan Network Security Association in a bid to redeem its image.
With this new move, Coincheck has joined major cryptocurrency exchanges like and in operating an OTC trading desk for institutional investors.
Published at Tue, 02 Apr 2019 15:26:24 +0000
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