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 facility will supplement CoinDCX’s existing platforms – CoinDCX and CoinDCX Pro – with an aim to expand the number of users and overall trading volume. “Through the OTC Desk facility, institutional clients will be able to execute bulk orders for crypto assets like Bitcoin (BTC) and other popular cryptocurrencies seamlessly,” the company said in an official press release.
Moreover, the OTC desk facility promises the company’s clients to purchase or sell their holdings without worrying about price volatility. CoinDCX co-founder Sumit Gupta said the company will focus on those, who trade in large crypto quantities. “This segment is more concerned about price certainty and wants to minimize slippages,” he said while informing that the average ticket size for such services starts at above Rs 30 lakh plus investments.
The company added that the rising popularity of cryptocurrency in India has benefited their exchange platform as more and more people are investing in crypto. Cryptocurrency is also seen as an alternate investment among entities and people who want to diversify their portfolios. Gupta said, “Corporations, as well as startups, are showing interest in broadening their portfolio by allocating some serious amount into this asset class.”
According to the company, the OTC Desk facility will help in risk management when executing large trades.
“With the dual benefit of ample liquidity and ability to place limit orders for large trading volumes, CoinDCX is poised to make inroads into this relatively untapped market and further expand its trading footprint,” the company said.
The rise of crypto trading worldwide has also attracted Indian consumers towards digital currencies. The popularity also reflects in CoinDCX’s fortunes. The company raised $90 million in August this year, which valued the company at $1.1 billion. This also made CoinDCX the first Indian crypto exchange unicorn (companies with over $1 billion valuation).
Former Facebook co-founder Eduardo Saverin had led the Series C funding in CoinDCX with participation from existing investors like Coinbase Ventures and Polychain Capital.