Bitcoin OTC Launched by Coincheck
The Japanese Cryptocurrency Exchange excited its instructional clients by launching a Bitcoin over-the-counter trading desk with Coincheck thereby extending its services to its clients in the process.
The April 1st press release announced that the Coincheck OTC Desk will allow for bitcoin trades in high volumes. This new service from the JPE will require a minimum of 50 Bitcoin, which is valued at about $207,000.
The platform will trade only during the weekdays between 10 A.M. and 3 P.M. on the Coincheck dedicated service website. Coincheck and the JPE, in their press release, noted that the Coincheck app or overtime trading service will not be eligible for OTC services.
High Volume Traders Targeted
Coincheck has now joined the ranks of significant global digital asset exchanges by releasing its OTC Trading Services. They will now target traders and institutional clients that operate at high volumes. Coincheck isn’t the first to offer a service of this nature. Bitthumb, Bitrec, Huobi and Binance all have introduced similar services.
Coincheck Prompted to Release OTC Service
There have been other companies like Coinbase, a cryptocurrency exchange and wallet service based in the United States. After they became a fully regulated broker with SEC, they released their own OTC Service which has become the leading crypto service in the USA. This is what prompted the Japanese Cryptocurrency Exchange to do the same.
Coincheck has to be cautious with any new service they announce due to the massive attack they endured back in 2018. They had NEM Tokens stolen from the exchange that was worth $530 million. This is the most significant attack that has ever occurred on a digital asset exchange. The incident set back the Japanese cryptocurrency market and the Financial Service Agency of Japan had to initiate new business standards.
Luckily, the Monex group, a Japanese Broker acquired Coincheck. As the new parent company for Coincheck, the exchange was able to re-open this year and start offering their services again. They’ve now received an operational license and have financial regulators granting them a license. This makes Coincheck the most secure crypto exchange in Japan.