Bithumb cryptocurrency exchange on Thursday announced the launch of its Over-the-counter trading desk for digital assets. The crypto operator originally based in South Korea said that it would start onboarding clients for its OTC trading platform known as ORTUS which has its headquarter in Hong Kong.
The statement read:
“Bithumb Global Limited…[announce] the official launch of its block deal, matchmaking service catering to institutional clients under the Ortus brand.”
An OTC platform like Ortus allows two traders to trade directly between themselves, unlike the exchange which automatically matches orders form buyers and sellers.
According to Rahul Khanna, director at Bithumb, the exchange launched the OTC to fill a gap in the market. ”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,” he explained.
“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.”
Features of ORTUS Platform powered by Bithumb
Information from its website describes ORTUS as “a premium OTC trading desk designed to deliver outstanding experiences for our clients with comprehensive investment and high-touch services.”
Ortus which has branch offices in the U.K., Australia, Japan, and Argentina, shall offer institutional–grade features including insured custody and transfers from a U.S.-based bank account. Clients also get access to a global team of Business Development Managers (BDM) just like in regulated markets, according to Bithumb.
Furthermore, Bithumb noted that clients will undergo a strict registration process which will involve know-your-customer (KYC) and anti-money laundering (AML) documentation.
Bithumb crypto exchange began faced challenges last year arising from cryptocurrency regulations in South Korea which required crypto exchanges to partner with local banks. As reported, Bithumb resumed registration of new accounts after it reached an agreement with a partner bank. Last year, the new chairman of Bithumb Kim Byung-gun hinted at expansion to Hong Kong and other Asian countries.
Its launch of am OTC trading desk follows a pattern in the cryptosphere as operators are positioning to attract institutional investors. Coinbase crypto exchange, Poloniex, and more recently Bittrex have launched similar OTC trading desks in the past months.