Bithumb rolls out over the counter trading desk Ortus
South Korean crypto exchange Bithumb has launched an over-the-counter trading desk. The trading desk is launched under the Ortus brand, according to a press release. The platform offers “matchmaking service catering to institutional clients” and also seeks to execute block deals.
Institutions have to fulfill KYC and AML requirements. Bithumb will maintain a strict onboarding process for institutions looking to trade on the OTC desk.
“Institutions trading digital assets need to open accounts at exchanges and OTC desks around the world; however, there is no real solution for an aggregated liquidity provider or a trusted interdealer where Institutions can trade these assets,” said Rahul Khanna, the Bithumb director. “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,” he added.
Bithumb is currently the second largest crypto exchange by trading volume. The exchange giant is also seeking to go public in the U.S through a reverse merger with a U.S blockchain company. The exchange is planning to acquire the U.S. publicly traded company called the Blockchain Industries. Blockchain Industries which publicly trades in the U.S. over the counter markets announced on Tuesday that it had signed a letter of intent with the holding company of the Korean crypto exchange.
After the merger, Bithumb would be the first ever crypto exchange to be publicly listed.
Bithumb is the latest addition to the list of exchanges that have already launched OTC trading desks. Other crypto exchange moguls like Coinbase, Bitrex, Binance and Circle have their own OTC trading desks.
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