Crypto Exchange Bithumb Launches OTC Trading Desk for Digital Assets

Crypto exchange Bithumb has launched a global OTC trading desk for digital assets based in Hong Kong.

Feb 8, 2019 at 10:00 a.m. UTC
Updated Sep 13, 2021 at 8:52 a.m. UTC

Bithumb Global has launched an over-the-counter (OTC) trading desk for digital assets.

Announcing the news on Thursday, the firm said that the new Hong Kong-based venture – Ortus – is a “block deal, matchmaking service” for institutional clients. In an OTC deal, two parties trade directly with each other, unlike on an exchange where orders are 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.

According to its website, Ortus has offices in the U.K., Hong Kong, Japan, Australia and Argentina.

To get started, clients will have to go through “strict” onboarding processes, including know-your-customer (KYC) and anti-money laundering (AML) documentation, the firm said.

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.

Several crypto exchanges have launched OTC trading desks in recent months to capitalize on growing interest from institutions.

Just last month, U.S.-based Bittrex launched an OTC desk supporting nearly 200 cryptocurrencies. In December 2018, Poloniex opened OTC trading service for institutional clients with a minimum order size of $250,000.

And a month prior, crypto exchange unicorn Coinbase also opened an OTC service for its Prime customers – that is, financial institutions looking to trade with business funds.

Hong Kong image via Shutterstock 

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
At Davos, Crypto Is No Longer on the Outside

Cryptocurrencies have taken a prominent role at the World Economic Forum's annual meeting in Davos, despite the mainstream finance world's apparent contempt for the sector.

Cryptocurrencies have taken a prominent role at the World Economic Forum's annual meeting in Davos, despite the mainstream finance world's apparent contempt for the sector.

CoinDesk - Unknown
2
CoinDesk - Unknown
Wall Street Says a Fed Digital Dollar Spells Destruction for Banks

The Federal Reserve is considering whether to launch a CBDC like other nations, and bankers argue that’s a dangerous idea.

The Federal Reserve is considering whether to launch a CBDC like other nations, and bankers argue that’s a dangerous idea.

CoinDesk - Unknown
3
CoinDesk - Unknown
What Davos Man Thinks of Bitcoin and Crypto This Year

The annual WEF conference has begun, albeit late and in a more subdued fashion.

The annual WEF conference has begun, albeit late and in a more subdued fashion.

CoinDesk - Unknown
4
CoinDesk - Unknown
Market Wrap: Bitcoin Unable to Hold $30K, Altcoins Mixed

BTC declined by 2% over the past 24 hours, while Fantom's FTM token rallied by as much as 16%.

BTC declined by 2% over the past 24 hours, while Fantom's FTM token rallied by as much as 16%.

CoinDesk - Unknown