Bithumb Global has propelled an over-the-counter (OTC) exchanging work area for advanced resources.
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.
As per 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, protected 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.
A few crypto trades have launched OTC trading desks lately to gain by capitalize on growing interest from institutions.
Simply a month ago, U.S.- based Bittrex launched an OTC work area supporting almost 200 cryptographic forms of money. In December 2018, Poloniex opened OTC exchanging service for institutional clients with a minimum order size of $250,000.
What’s more, a month earlier, crypto unicorn Coinbase likewise opened an OTC administration for its Prime clients – that is, money related foundations hoping to trade with business reserves.