Cryptocurrency exchange platform CoinDCX recently launched its OTC (over the counter) desk facility to tap into the institutional client market for crypto trades. According to the company, the new feature will complement CoinDCX’s existing platforms – CoinDCX and CoinDCX Pro – with the aim of expanding the number of users and overall trading volume. “Through the OTC Desk feature, institutional clients will be able to execute bulk orders for crypto assets such as Bitcoin (BTC) and other popular cryptocurrencies,” the company said in an official press release.
In addition, the OTC desk facility promises the company’s customers to buy or sell their holdings without worrying about price fluctuations. CoinDCX co-founder Sumit Gupta said that the company will focus on those who trade large crypto amounts. “This segment is more concerned about price certainty and seeks to reduce slippage,” he said, adding that the average ticket size for such services starts with an investment of over Rs 30 lakh.
The company said that the growing popularity of cryptocurrencies in India has benefited their exchange platform as more and more people are investing in crypto. Cryptocurrency is also seen as an alternative investment among institutions and those who wish to diversify their portfolios. “Corporations, as well as startups, are showing interest in broadening their portfolio by allocating some serious amount in this asset class,” Gupta said.
According to the company, the OTC desk facility will help in risk management while executing large trades.
“With the twin benefits of ample liquidity and the ability to place limit orders for large trading volumes, CoinDCX is poised to enter this relatively untapped market and further expand its trading footprint,” the company said.
The rise of crypto trading around the world has also attracted Indian consumers to digital currencies. The popularity is also reflected in the fortunes of CoinDCX. The company raised $90 million in August this year, valuing the company at $1.1 billion. This made CoinDCX the first Indian crypto exchange unicorn (companies with a valuation of over $1 billion).
Former Facebook co-founder Eduardo Saverin led the Series C funding at CoinDCX with participation from existing investors such as Coinbase Ventures and Polychain Capital.
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