Japanese famous cryptocurrency exchange Coincheck has recently included two primary altcoins to its OTC (Over the Counter) trading desk.
The news was announced on April 15 by the Coincheck itself. The top Asian cryptocurrency exchange Coincheck had earlier launched its over-the-counter trading desk. The OTC service of Coincheck with Bitcoin (BTC) began in this month, and now it will provide Ethereum (ETH) and Ripple (XRP) on its OTC trading desk. As per the market capitalization, these two primary altcoins are the second and third largest cryptocurrencies respectively.
Major Services of OTC
The most important feature of the OTC is that it provides specialized services to high volume traders, further allowing the traders to save fees and avoid other major obstacles while buying and selling important crypto assets through the standard methods.
These unique features are gaining popularity within top cryptocurrency exchanges across the world because they are continuously emerging regardless of the ongoing crypto bear market.
As per Coincheck blog post, the company informed that OTC desk trade will be integrated with other altcoins in future, the firm has not specified as which coin it will focus on.
In April of the previous year, Coincheck was acquired by Monex Group an online broker, and from then onwards it has kept on strengthening itself. The company started correcting its problems relating to hack which occurred in January last year; Monex also obtained a Japanese regulatory license for Coincheck that allows the firm to serve its customers. The Japanese regulatory license was gained in last December.
Monex group also said that there will be a major transformation in the infrastructure of the company. Oki Matsumoto will be the Chief Executive officer, and the President of Monex Group, the affairs of Coincheck will be controlled by him, he will even hold to the presidential post of the exchange.
The senior executive officer Koichi Tateno will shift his post, he will now work as a senior advisor to the company. To maintain a better unity between the two firms, 3 of Coincheck executive directors will start to implement a similar kind of function at Monex.
Coincheck was earlier hacked; this hack had led the firm to lose NEM cryptocurrency of more than half a billion dollars. The quarter three results of the financial report which was revealed in late January mentioned; Coincheck has halved the losses as compared to its Q2.
We have noticed about the portfolio changes and other managerial level changes, now we need to wait and see the impact of these changes, how it is going to change the company’s future, whether it will lead them in achieving their goals and objectives.
Monex Group is planning of expanding its services within the United States in 2019, and analyst expects 2019 year to be very crucial for both the companies as their goal is to strike into the US market.
The Coincheck hack in January made the firm to remain in a difficult position, where they were unable to pay their investors and creditors.But, the Monex Group acquisition saved the company to recover its image and helped slowly to move back to its earlier position.