Japan’s Coincheck Bitcoin OTC Trading Desk for institutional investors goes live

Coincheck, a Japanese crypto exchange company has launched over-the-counter (OTC) desk for Bitcoin. A report by Cointelegraph Japan indicates that the OTC trading desk has been launched to serve institutional clients.

The customers will have the ability to buy and sell large volumes of Bitcoin. The limit has been set from 50 BTC. The trading will take place via a web interface that is hosted by Coincheck. However, the report says that opening is limited between Monday and Friday from 10:00 – 15:00 (JST). Notably, Coincheck app or API trading are not eligible for use.

A blog post published for the purpose of the launch by Coincheck says that the service has been introduced to help large scale customers to buy and sell BTC quickly and smoothly. In addition, the exchange is considering adding the same service for other digital assets in the future.

Coincheck suffered one of the most devastating hacks in the crypto industry in January 2018 where $532 million disappeared. The exchange was later acquired by Japanese broker Monex Group. The company has undergone both shareholder and management overhaul in a bid to champion a recovery.