Bithumb, one of the leading South Korean crypto exchange has officially inaugurated an over-the-counter (OTC) trading desk. This was done by dubbing it into a brand Ortus. Ortus’ rights belong to Bithumb Global.
Ortus will conduct block deals and also provide service as a matchmaker for institutional clients. The director of Bithumb stated that there is no real liquidity between various digital assets and institutional investors have to pass a lot of processes before the trade can take place. He then added that Ortus would operate in order to fill this gap and allow institutions to trade through a platform that provides liquidity across the globe.
The brand provides services to various industries and institutional investors. After performing multiple tests that determine whether the institution is involved in any less than legal activities the service becomes available to the clients. The service provides them with access to transaction monitors and an OTC trading desk.
OTC trading helps in large-scale transactions as the trade is not done on the crypto exchange itself as OTC’s conduct direct trade between two parties.
This move is following Coinbase’s lead that launched an OTC back in November. Coinbase is a United States (U.S) crypto firm, and the OTC was launched for institutional clients last year. Meanwhile, Bittrex, another U.S exchange launched their OTC in the previous month along with the globe’s leading exchange Binance.
Bithumb was ranked no.1 by trade volume on the day and since then has occupied a lesser spot after further adjusting.