Bithumb, a south Korean cryptocurrency exchange recently launched global over the counter (OTC) trading desk for digital assets.
The firm announced the news on Thursday. Further, it announced that Ortus, is a “block deal, matchmaking service” for institutional clients. Two parties trade directly with each other in an OTC without involvement of an exchange. Whereas in an exchange orders are first matched between buyers and sellers.
“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 Rahul Khanna, Bithumb’s director.
Moreover, Ortus has offices in the U.K., Hong Kong, Japan, Australia and Argentina.
Strict Onboarding Process
First, the clients will undergo a strict and vigorous onboarding process. Also, this will include KYC and AML documentation. Ortus offers features such as insured custody and transfers from a U.S.-based bank account. The firm did not set out which digital assets it will offer for OTC trades.
Further, several crypto exchanges have launched OTC trading desks in recent months to capitalize on growing interest from institutions. Also, just last month, U.S.-based Bittrex launched an OTC desk supporting nearly 200 cryptocurrencies.
Moreover, in December 2018, Poloniex opened OTC trading service for institutional clients with a minimum order size of $250,000.
Bithumb generates 44.29m USD for Ethereum/ Korean won and 13.46m USD for Bitcoin/ Korean Won exchange.Also, it has gift cards and other remittances. The minimum value of a gift card should be 10, 000 Korean Won which is approximate $8.78 USD.
Further, a person can also sell its gift card on Bithumb in exchange for Bitcoins. The extra services include coupons, sending price notifications and 24*7 customer support service for all its users.