Coincheck, a Japanese cryptocurrency exchange, has launched an over-the-counter (OTC) trading desk for institutional investors. The new service will allow large-scale institutions to easily buy and sell large amounts of Bitcoin.
In 2018, Coincheck got widely known for a hack that went down as one of the biggest hacks the cryptocurrency space has ever seen. Coincheck suffered from a $530 million security breach, losing around 500 million NEM tokens from its digital wallets.
After the hack, the exchange got acquired by Japanese online brokerage Monex Group in an attempt to revive the exchange. Under Monex’s management, Coincheck took a series of measures to improve its protection and trading systems. Furthermore, looking at the news, the exchange is partly shifting its focus to large-scale institutions.
Today, the Japanese exchange launched an over-the-counter cryptocurrency trading desk to service institutional clients. While, for now, the trading desk primarily serves Bitcoin trades, Coincheck said it will also consider trades in other cryptocurrencies in the future.
Coincheck said its OTC trading desk will allow customers to buy and sell a minimum of 50 bitcoins (approximately $205,000) “quickly” at one go and at “attractive prices.” The service is available on weekdays between 10 a.m. (13 UTC) and 3 p.m. (18 UTC) Japan time.
Recently, Coincheck became fully licensed after getting approval from the Japanese Financial Services Agency (FSA), now being one of the first fully compliant exchanges in Japan.