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Japanese cryptocurrency exchange Coincheck adds ETH and XRP to its OTC trading desk

Coincheck

One of the more controversial crypto exchanges in Japan, Coincheck has added Ethereum [ETH] and Ripple [XRP], the second and the third largest cryptocurrencies in terms of market cap to its over-the-counter (OTC) trading desk, according to a report by Cointelegraph.

The exchange started its over-the-counter trading desk earlier this month with Bitcoin as the sole currency. Large-scale OTC trading service allows customers of large-scale transactions to buy and sell virtual currencies at attractive prices.

The report adds that OTC desks provide specialized services for large volume traders and allows them to save the fee and other hurdles which are generally associated with purchasing and selling cryptocurrencies.

Coincheck’s blog further states that it will consider adding other altcoins in due course of time but it didn’t give out the names.

Earlier this year, the exchange was granted the license by the Japanese regulator, Financial Services Agency [FSA]. The exchange announced that it has registered as a cryptocurrency exchange under the Kanto Financial Bureau.

The exchange has made rapid strides since its takeover by Monex in April last year. The hack which happened in January last year saw hackers siphon off with $500 million worth of NEM tokens from the exchange. Lack of proper security features was termed as the main reason for the security breach. The exchange stored its cryptocurrencies in a hot wallet which was connected to other networks. It also lacked the multi-signature security feature which allowed the hacker to rip the exchange of its assets.

After the hack, the Japanese regulator made the laws all the more stringent and much more difficult for new exchanges to gain regulatory approval or a license.

According to the financial report released at the end of January, in Quarter 3, Coincheck has cut down its losses to half as compared to the previous quarter.

Image: Shutterstock

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