Crypto exchange Coincheck launches over-the-counter trading platform

Japanese cryptocurrency exchange Coincheck has launched an over-the-counter (OTC) platform for large-scale investors.

In an online post, Coincheck said that the OTC service will allow large investors to quickly trade large amounts of virtual currency at once and at “attractive prices.”

【大口OTC取引サービス提供開始のお知らせ】

この度、Coincheck(WEB)では大口取引のお客様を対象とした大口OTC取引サービスの取扱を開始致しましたことをお知らせします。https://t.co/D6NQvvcaCs

— Coincheck(コインチェック) (@coincheckjp) April 1, 2019

Currently, the service only supports bitcoin with plans to add support for more cryptocurrencies in the future.

The platform will operate on weekdays from 10:00 to 15:00 (Japan time), conducted on Coincheck service (WEB), according to the announcement. In addition, trading using the Coincheck app and API is not supported at the moment.

In the past couple of months, a number of Asian cryptocurrency exchanges including OKEx, Bithumb, and Binance, have launched OTC trading platforms. More recently, HBUS, the U.S.-based operator of Huobi cryptocurrency exchange, said that it is considering launching OTC trading for institutional investors.

Coincheck suffered a major $530 million hack last January and was subsequently acquired by Japanese online brokerage firm Monex Group. Earlier this year, it received the license to continue its operations as a cryptocurrency exchange.

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