Coincheck Launches OTC Crypto Trading for Institutions

Japanese cryptocurrency exchange Coincheck has launched an over-the-counter cryptocurrency trading service aimed at institutional clients, the firm said Monday.

While the service seem primarily to serve bitcoin trades, Coincheck said.

Coincheck said its OTC trading desk will allow customers to buy and sell a minimum of 50 bitcoins "Quickly" at one go and at "Attractive prices." The service is available on weekdays between 10 a.m. and 3 p.m. Japan time.

In an OTC trading service, two parties trade directly with each other, unlike on an exchange where orders are matched between buyers and sellers.

The exchange was then acquired by Japanese online brokerage Monex Group for $33.5 million.

The cyber-attack also forced Coincheck to suspend its services for some months.

By November it had reinstated services for all listed cryptos on its platform.

A regulatory license in Japan and is now a registered entity with the Kanto Financial Bureau under the country's Payment Service Act.

A number of exchanges have recently moved to launch OTC trading services.

An institutional group for OTC cryptocurrency trading.