Bithumb crypto exchange launches digital assets OTC trading desk

Bithumb, the largest Hong Kong exchange in terms of trading volume which majorly supports Bitcoin trading has recently launched Ortus’ backed over-the-counter exchanging desk. The platform is created on the idea of facilitating deep-pocketed investors to trade crypto off the books.

According to the press release made public on Feb. 7, Ortus’ backed OTC trading is regarded as the “service specifically for the institutional clients” by the exchange because of its assistance binding to the wealthy investors to perform large-volume trades, as it facilitates them to carry out direct trades that is opposite to the process done on the crypto exchange itself.

“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,” said by Rahul Khanna, the director of Bithumb.

Rahul Khanna further went on saying:

”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. 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.”

To use the service; institutions first need to go through a strict on-boarding process which will be comprised of KYC (Know-Your-Customer) and AML (Anti-Money-Laundering) documentation provided by the applicants, the firm noted.

Although the firm has not announced about which crypto will be offered for OTC trading yet, but once all the required criteria for joining is met, customers will have the right to enjoy the exciting features provided by Ortus.

The ensured custody wallet, competitive pricing from the world’s largest OTC desks and liquidity providers, and a US-Based bank account are few of them.

More about OTC Desks

Ever since late 2017, when the reports about OTC market being noticeably larger than the cryptocurrency exchange market started to take place on the news realm, we have seen a significant number of exchanges having launched OTC desks over time.

Even Last year, TABB Group, international research and consulting firm focused primarily on capital markets, estimated the worth of OTC market of BTC to be 2-3 times higher than the exchange market.

To capitalize on the growing interests of institutions, many cryptocurrency exchanges worldwide have made moves into the over-the-counter (OTC) market ever since the report went public.

CoinBase, the leading crypto exchange and wallet provider from the US, had launched its OTC desks last year in November, for institutional customers. Poloniex also launched its over-the-counter trading desks for the wealthy investors, with a minimum order set to be of $250,000, the following month of December.

Last month of Jan has seen two notable digital exchanges Bittrex and Binance penetrating into the OTC market by introducing their own OTC desks.

Image courtesy of Pixabay.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Waqas Sattar: Waqas is a professional journalist and crypto writer. A graduate of computer science, and highly interested in the intersection of global governance & decentralized world.