Coincheck launches Ethereum and XRP just weeks after their bitcoin trading desk goes live
As 21CRYPTOS wrote about on April 1st, the Coincheck exchange launched its Bitcoin OTC trading desk, to the joyous cheers of institutional investors everywhere. The OTC desk was set-up to provide minimum investments of 50 BTC to large individual investors or investment groups, andat the time they stated that they ‘would consider’ adding other altcoins in the future.
Two weeks later, and we see two of the largest cryptocurrencies in the market now part of their trading services.
Coincheck will attracts institutional investors to further help the industry grow
This is brilliant news for the mainstream adoption of cryptocurrencies – as the more large scale institutional investors can have a piece of the cryptocurrency pie, the more the industry will thrive, and in turn be made more visible to the general public, whilst also being more matured and prepared as an overall entity.
The more options to institutional investors for entering the cryptocurrency market, the better. OTC trading allows fees to be cut with the large order volumes, and provides more stability when compared to the small trades the average individual investor would make.
Recently 21CRYPTOS reported on the massive $100 million USD buy orders from an anonymous buyer, or group of buyers, that served as the catalyst to propel Bitcoin from the high $3000 price range well into the $5000s.
Coincheck has weathered the hack storm with new buyout
Coincheck has had an incredible month of expansion, not only having launched its OTC desk for Bitcoin, and now this new expansion into Ethereum and XRP, but all this is also on the back of the exchange’s buyout by the Monex Group for $33 million USD.
Coincheck has weathered the storm well, despite the incredibly large $530 million USD hack back in January 2018, and the future looks bright for them with their new OTC strategy, and the with the added experience of their new controlling company Monex.