Cryptocurrency trade platform CoinDCX lately launched its OTC (over-the-counter) Desk facility to faucet into the institutional shopper marketplace for crypto trades. Based on the corporate, the brand new facility will complement CoinDCX’s current platforms – CoinDCX and CoinDCX Professional – with an purpose to broaden the variety of customers and general buying and selling quantity. “By way of the OTC Desk facility, institutional shoppers will be capable of execute bulk orders for crypto belongings like Bitcoin (BTC) and different well-liked cryptocurrencies seamlessly,” the corporate stated in an official press launch.
Furthermore, the OTC desk facility guarantees the corporate’s shoppers to buy or promote their holdings with out worrying about worth volatility. CoinDCX co-founder Sumit Gupta stated the corporate will deal with these, who commerce in massive crypto portions. “This section is extra involved about worth certainty and needs to reduce slippages,” he stated whereas informing that the typical ticket dimension for such providers begins at above Rs 30 lakh plus investments.
The corporate added that the rising reputation of cryptocurrency in India has benefited their trade platform as increasingly persons are investing in crypto. Cryptocurrency can also be seen as an alternate funding amongst entities and individuals who need to diversify their portfolios. Gupta stated, “Companies, in addition to startups, are exhibiting curiosity in broadening their portfolio by allocating some critical quantity into this asset class.”
Based on the corporate, the OTC Desk facility will assist in threat administration when executing massive trades.
“With the twin advantage of ample liquidity and skill to put restrict orders for giant buying and selling volumes, CoinDCX is poised to make inroads into this comparatively untapped market and additional broaden its buying and selling footprint,” the corporate stated.
The rise of crypto buying and selling worldwide has additionally attracted Indian shoppers in the direction of digital currencies. The recognition additionally displays in CoinDCX’s fortunes. The corporate raised $90 million in August this yr, which valued the corporate at $1.1 billion. This additionally made CoinDCX the primary Indian crypto trade unicorn (firms with over $1 billion valuation).
Former Fb co-founder Eduardo Saverin had led the Collection C funding in CoinDCX with participation from current traders like Coinbase Ventures and Polychain Capital.