Leading South Korean cryptocurrency exchange Bithumb follows major exchanges in opening an OTC trading desk.
South Korea's major virtual currency exchange Bithumb has officially launched an over-the-counter (OTC) trading desk under the Ortus brand, according to a press release published on Feb. 7.
Hong Kong-based entity Bithumb Global Limited owns the rights to the Ortus brand, which specializes in services for institutional investors. After completing Know-Your-Customer and Anti-Money Laundering inspections, institutional investors will be able to utilize Ortus services, including monitored funds transfers and access to an OTC trading desk.
OTC trading is an option for institutional investors looking to perform large-volume trades, as it allows them to conduct direct trades between each other as opposed to trading through a crypto exchange itself.
Back in November 2018, leading United States crypto exchange and wallet provider Coinbase launched its over-the-counter trading for institutional customers. Bittrex, also a U.S.-based exchange, revealed plans as well to launch an OTC trading desk in mid-January.
And at the end of the last month, Binance, the leading global cryptocurrency exchange, announced it had launched its own OTC trading desk for larger transactions.
Bithumb is ranked first on CoinMarketCap by reported volume with around $1 billion in trading volume on the day, occupying a significantly lower spot by adjusted volumes, which exclude markets with no fees and transaction mining.