Crypto Exchange Bithumb Launches Over-the-Counter Trading Desk 'Ortus'

 South Korean cryptocurrency exchange Bithumb has recently launched an  over-the-counter (OTC) trading desk called ‘Ortus’ that’s set to help  it serve institutional clients getting into the cryptocurrency  ecosystem. According to a recently published press release, Ortus is set  to execute block deals and work as a “matchmaking service catering to  institutional clients.” The document  quoted Bithumb’s director Rahul Khanna, stating that institutions  trading cryptocurrencies need to open accounts at exchanges and OTC  desks, and that there’s no “real solution for an aggregated liquidity  provider or a trusted interdealer where Institutions can trade these  assets.Khanna added:

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.   

Per the press release Ortus will have a strict onboard  process for institutions, and will require know-your-customer (KYC) and  anti-money laundering (AML) checks. It’ll also offer insured custodian  services and transfers from US bank accounts.The trading desk is  set to operate as subsidiary to Bithumb Global, which has offices in  Tokyo, London, Sydney, and Buenos Aires, and is headquartered in Hong  Kong. It’s currently unclear which cryptocurrency Bithumb’s OTC desk  will support.      As CryptoGlobe covered Bithumb has been a controversial platform  in the last few months. This, as reports have shown it became the largest cryptocurrency exchange by trading volume through “incentivized trading.” This, after selling a majority stake to BK Global, a Singapore-based medical surgery group.

Increasing Number of OTC Desks

Notably  Bithumb isn’t the only major cryptocurrency exchange launching an OTC  trading desk. Bittrex, a major US-based crypto exchange, has launched  its own OTC platform last month, with support for 200 tokens.Other  top cryptocurrency exchanges, including Binance, Coinbase, and Circle,  currently operate their own OTC desks. Circle’s OTC desks, as  CryptoGlobe covered, handled $24 billion in cryptocurrency trades last year.Square Inc, the company behind the popular Cash App, has quietly moved its bitcoin trading service to OTC desks  last year, as it allows for a “faster and more secure platform” that  creates “less price volatility when trading large amounts of bitcoin.”