According to a company blog post, Japanese crypto exchange, Coincheck, has launched a Bitcoin Over-the-counter (OTC) trading desk for institutional investors. Large scale investors will be able to buy and sell huge amounts of Bitcoin, with a minimum limit of 50 BTC. Coincheck added that they will consider other virtual currencies “from time to time”.
Opening hours are limited from 10:00 until 15:00 Monday to Friday. Overtime trading, Coincheck app or API trading are not eligible for use.
The exchange was hacked last year and hackers took off with nearly $500 million in digital tokens. Coincheck identified and published eleven addresses where all 523 million of the stolen NEM coins ended up, with each one labeled with a tag that reads “coincheck_stolen_funds_do_not_accept_trades : owner_of_this_account_is_hacker.”
They took measures to improve protection and trading systems and stopped trading four privacy-oriented cryptocurrencies, Monero (XMR), Zcash (ZEC), Dash (DASH), and Augur (REP). They said that it was not appropriate to handle any cryptocurrency if there is any “concern”.
XMR.to Not Serving US Customers
Meanwhile, XMR.to has announced it will not be serving United States-based clients for the time being. XMR.to is a service allowing users to make a Bitcoin payment with the strong privacy provided by Monero.
The news was revealed by a member of the site’s core team in a Reddit post:
“XMR.to will for the time being not be serving customers in the US. We are working with our legal team to understand the best way forward. This policy will come into force tomorrow [March 31 2019]. Thank you for your understanding.”
Coincheck is not the first crypto exchange to launch an OTC trading desk to attract institutional investors, other exchanges have made similar moves. Bittrex launched its OTC trading platform in January with support of more than 200 digital assets, Bithumb in February and Coinbase launched their OTC trading desk in November 2018.
In April last year, Coincheck was acquired by financial services company, Monex Group for 3.6 billion yen.