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.

AccessTimeIconFeb 8, 2019 at 10:00 a.m. UTC
Updated Aug 18, 2021 at 10:42 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • “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 

    Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.