{"id":20371,"date":"2019-04-02T15:26:24","date_gmt":"2019-04-02T15:26:24","guid":{"rendered":"http:\/\/ci027cfe6ee01226c3"},"modified":"2019-04-02T15:26:24","modified_gmt":"2019-04-02T15:26:24","slug":"coincheck-launches-bitcoin-otc-trading-desk-15-months-after-hack","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/coincheck-launches-bitcoin-otc-trading-desk-15-months-after-hack","title":{"rendered":"Coincheck Launches Bitcoin OTC Trading Desk 15 Months After Hack"},"content":{"rendered":"
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The Tokyo-based cryptocurrency exchange Coincheck has launched a Bitcoin over-the-counter (OTC) trading service for its users, per a post<\/a> published on its official blog.<\/p>\n

The platform\u2019s OTC trading desk will serve the needs of large-scale and institutional investors that want to trade large volumes of digital assets. Trading starts from 50 BTC (worth about $207,900 USD at press time) via Coincheck\u2019s web interface.<\/p>\n

Currently the OTC trading desk serves only investors who want to trade in bitcoin. However, according to the company, there are plans to launch OTC trading for other digital assets as well.<\/p>\n

A Long Road to Redemption<\/strong><\/h3>\n

This announcement is a continuation of Coincheck\u2019s revival efforts following a security breach last year during which the exchange lost<\/a> about $532 million in NEM (XEM) tokens.<\/p>\n

In the wake of the attack, the exchange was forced to shut down its operations for a few months. About three months later, the platform was purchased<\/a> for 3.6 billion yen (roughly $33.6 million USD at the time) by Monex Group<\/a>, a Japanese online brokerage dealer that went on to perform a complete overhaul of its management.<\/p>\n

With executives from Monex at the helm, Coincheck kicked off its rebuilding efforts<\/a>, starting with reimbursement<\/a> of funds to customers who were affected by the hack.<\/p>\n

The exchange reopened to customers in November 2018, and it was issued<\/a> a regulatory license from the Kanto Local Finance Bureau under Japan\u2019s Payment Services Act. Coincheck\u2019s platform was also restructured by \u201csecurity experts\u201d to ensure it adhered to best practices on security measures. The exchange also joined<\/a> the Japan Network Security Association in a bid to redeem its image.<\/p>\n

With this new move, Coincheck has joined major cryptocurrency exchanges like Huobi<\/a> and Coinbase<\/a> in operating an OTC trading desk for institutional investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Tokyo-based cryptocurrency exchange Coincheck has launched a Bitcoin over-the-counter (OTC) trading service, 15 months after it lost $532 million in XEM through a hack.<\/p>\n","protected":false},"author":3435,"featured_media":20372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[3351,357,2606,276,1842],"class_list":{"0":"post-20371","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-coincheck","9":"tag-exchanges","10":"tag-hacks","11":"tag-japan","12":"tag-otc"},"author_data":{"id":3435,"name":"Jimmy Aki","nicename":"jimmy-aki","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/jimmy-aki-promo-image-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/coincheck-launches-bitcoin-otc-trading-desk-15-months-after-hack.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/20371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3435"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=20371"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/20371\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/20372"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=20371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=20371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=20371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}