Cryptocurrency exchange CoinDCX on October 20 announced the launch of its OTC desk facility, which is aimed at tapping into the institutional client market for crypto trades.
This facility supplements CoinDCX’s existing trading platforms, CoinDCX and CoinDCX Pro, and is expected to expand its number of active 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," it said in a press release.
Additionally, the facility offers these clients to purchase or sell their holdings at a particular price without being concerned about price volatility caused by market fluctuations, it added.
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"The average ticket size for such services start at above Rs 30 lakh plus investments. With this our target audience lies with an entity/person who trades in and out of crypto for large quantities. This segment is more concerned about price certainty and wants to minimise slippages," Coin DCX co-founder Sumit Gupta said.
As the crypto assets slowly make inroads into the mainstream, CoinDCX claims that it has seen a rise among users who are "now investing more and more interest in investing into crypto".
The phenomenon is also being witnessed across entities, it said, adding that a number of investors are now trying to look at crypto as an "alternative investment to their portfolios by investing a sizable amount".
According to Gupta, corporations want to allocate some amount of balance to crypto assets. "Newly funded startups and their founders too are showing interest in broadening their portfolio by allocating some serious amount into this asset class," he said.
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