South Korea’s major crypto exchange Bithumb, has officially launched an over-the-counter (OTC) trading desk under the Ortus brand, according to a press release. Hong Kong-based Bithumb Global Limited owns the rights to the Ortus brand, a global entity which specializes in services for institutional investors.
”Institutions trading digital assets need to open accounts at exchanges and OTC desks around the world; however, there is no real solution for an aggregated liquidity provider or a trusted interdealer where Institutions can trade these assets” said Rahul Khanna, Bithumb Director. “To fill this market gap, Ortus will operate to allow institutions to buy and sell digital assets through a network of global liquidity providers and benefit from a competitive and best price execution service”.
”Ortus will operate to allow institutions to buy and sell digital assets through a network of global liquidity providers and benefit from a competitive and best price execution service”, he added.
Comprehensive Registration To Ensure KYC and AML Procedures
Users will have to undertake a detailed registration process, involving Anti Money Laundering (AML) and Know-Your-Customer (KYC) procedures. Duplicating other global exchanges, Bithumb state that this measure will curb any form of fraud on the platform.
Ortus supports transfers from US bank accounts and provides custody services. Once a client is approved into the platform, the benefits involved will include monitored fund transfers between an insured custodian wallet and a US-based bank account and competitive pricing. Clients will receive global support from Business Development Managers with backgrounds in asset management, investment banking, FX and OTC trading desks. With offices in Asia, Europe, America and Australia, they have a international reach.
The details regarding the digital assets the platform will support have not been disclosed.
Bithumb is not the first crypto exchange to launch an OTC trading desk to attract institutional investors, other exchanges have made a similar move. Bittrex launched its OTC trading platform last month with support of more than 200 digital assets and Coinbase launched their OTC trading desk in November 2018.