Cryptocurrency trade platform CoinDCX lately launched its OTC (over-the-counter) Desk facility to faucet into the institutional shopper marketplace for crypto trades. In keeping with the corporate, the brand new facility will complement CoinDCX’s current platforms – CoinDCX and CoinDCX Professional – with an intention to broaden the variety of customers and general buying and selling quantity. “Via the OTC Desk facility, institutional purchasers will have the ability to execute bulk orders for crypto belongings like Bitcoin (BTC) and different well-liked cryptocurrencies seamlessly,” the corporate mentioned in an official press launch.
Furthermore, the OTC desk facility guarantees the corporate’s purchasers to buy or promote their holdings with out worrying about value volatility. CoinDCX co-founder Sumit Gupta mentioned the corporate will concentrate on these, who commerce in giant crypto portions. “This phase is extra involved about value certainty and needs to reduce slippages,” he mentioned whereas informing that the typical ticket measurement for such companies 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 an increasing number of individuals are investing in crypto. Cryptocurrency can also be seen as an alternate funding amongst entities and individuals who need to diversify their portfolios. Gupta mentioned, “Firms, in addition to startups, are exhibiting curiosity in broadening their portfolio by allocating some critical quantity into this asset class.”
In keeping with the corporate, the OTC Desk facility will assist in threat administration when executing giant trades.
“With the twin good thing about ample liquidity and talent to position restrict orders for big 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 mentioned.
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 (corporations with over $1 billion valuation).
Former Fb co-founder Eduardo Saverin had led the Collection C funding in CoinDCX with participation from current buyers like Coinbase Ventures and Polychain Capital.