CoinDCX, a cryptocurrency exchange platform, has opened its OTC (over the counter) Desk service in order to grab a share in the institutional customer market for cryptocurrency trading market. The latest facility, as per the business, will augment CoinDCX’s current platforms – CoinDCX and CoinDCX Pro – with the goal of increasing the count of users and total transaction volume.
“Through the OTC Desk service, institutional customers will be able to effortlessly process bulk orders for cryptocurrencies such as Bitcoin (BTC) and other prominent cryptocurrencies,” the business said in an official news statement.
Furthermore, the OTC desk facility guarantees the company’s customers the ability to buy or sell their shares without fear of price fluctuation. CoinDCX co-founder Sumit Gupta said that the firm would target people who deal in huge amounts of cryptocurrency.
“This market is more concerned with pricing certainty and wants to reduce slippages,” he said, adding that the typical ticket size for such services begins at Rs 30 lakh or more in investments.
The business also said that the growing popularity of bitcoin in India has benefited its exchange platform as more individuals invest in cryptocurrency. Cryptocurrency is also seen as an alternative investment by businesses and individuals looking to diversify their portfolios.
“Corporations and startups alike are expressing interest in extending their portfolios by investing significant funds to this asset class,” Gupta added. The OTC Desk service, according to the business, will aid in risk management while performing huge deals.
“With the twin advantage of abundant liquidity and the capacity to issue limit orders for big trading volumes, CoinDCX is prepared to make inroads into this relatively unexplored industry and further extend its trading footprint,” according to the business.
The global increase in crypto trading has also piqued the interest of Indian customers in digital currencies. CoinDCX’s fortunes are also influenced by its popularity. In August 2021, the business raised $90 million, valuing it at $1.1 billion. CoinDCX is also the first Indian crypto exchange unicorn (businesses valued at more than $1 billion).
Former Facebook co-founder Eduardo Saverin led the CoinDCX Series C fundraising round, which included previous investors such as Coinbase Ventures and Polychain Capital.
