Since it got acquired by the Monex group, Japanese cryptocurrency exchange, Coincheck has been making some major disruptive and noteworthy moves. Recently, the exchange revealed that it has launched a Bitcoin (BTC) over-the-counter trading desk targeted at heavy pocket institutional investors.
Bitcoin (BTC) Over-the-Counter Trading Desk
The Coincheck OTC trading desk will reportedly allow users to trade huge volumes of bitcoin directly. Trading on the platform will start from 50 BTC. Anything below that will be done via the normal retail exchange platform.
Coincheck also made it known that the trading desk will have opening hours limited to weekdays 10:00-15:00 (JST) and overtime trading.
Also, traders planning to use the OTC desk won’t be able to do so over the official Coincheck app. Also, API trading is not an option.
The exchange made it clear that its latest offering will make it possible for large-scale institutional traders and investors to buy and sell large amounts of crypto quickly. The exchange also hinted that it has plans to add more crypto to the trading desk in the nearest future.
Coincheck After the $532 Million Hack of 2018
Coincheck is infamous for the widely publicised and record-breaking hack attack which it suffered early last year. This attack led to the theft of more than $532 million worth of cryptos. After the hacking incident, the exchange got acquired by Japanese broker—Monex Group. The group has done well to revamp the exchange. Since acquiring the exchange, the group has managed to get it certified by Japan’s top financial watchdog, the FCA. The exchange was granted an operating license from Japan’s Financial Services Agency in December 2018. The exchange has also joined the Japan Network Security Association.
Apart from improving the exchanges’ security procedures and trading systems, the group has also done well to as reimbursing those customers affected by the hack.