Bitcoin OTC Trading Desk Launched By Japanese Crypto Exchange Coincheck

Announcements, News | April 2, 2019 By:

Japanese cryptocurrency exchange Coincheck has launched a large-scale over-the-counter (OTC) trading desk for institutional investors.

Founded by Koichiro Wada and Yusuke Otsuka in 2014, Coincheck is Japan’s largest cryptocurrency OTC market that operates exchanges between bitcoin, ether and other major cryptocurrencies, and bitcoin transactions and storage in some countries. In January 2018, it was hacked and $530 million worth of the NEM were stolen. The exchange was subsequently acquired by Japanese online brokerage firm Monex Group.

Coincheck announced in an online post that the new OTC trading desk will allow large investors to quickly trade large amounts of cryptocurrency at once and at “attractive prices.” The platform will initially support bitcoin with plans to add support for more cryptocurrencies in the future.

“We will consider the handling of other virtual currency from time to time,” Coincheck said. “Overtime trading and trading from other than the large OTC trading screen are not eligible.”

The trading desk will operate on weekdays from 10:00 to 15:00 (JST), with 50 BTC ($207,000) set as a minimum buy-in.