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Ethereum [ETH] and XRP gain over-the-counter trading support from Coincheck

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Coincheck, one of Japan’s leading cryptocurrency exchanges, announced additional support for the second and third largest cryptocurrency by market cap, Ethereum [ETH] and XRP. In a blog post released on April 15, 2019, Coincheck announced the addition of both the digital currencies to their Over-the-Counter [OTC] trading desk, launched on April 1, 2019.

With the addition of these two coins, the platform currently provides OTC service for the top three cryptocurrencies in the market, with the other currency being Bitcoin [BTC], the largest coin by market cap.

The exchange made the announcement on Twitter (translated from Japanese),

“ETH XRP has been added to the target currency for large OTC transactions! We are pleased to announce that ETH and XRP have been newly added as target currencies at the Large OTC Trading Service, which has started on April 1, 2019.”

Over-the-Counter [OTC] trading service refers to the trading service provided by exchanges, enabling users to buy and sell large amounts of Bitcoin [BTC], Ethereum [ETH] or any other cryptocurrency privately. These transactions are not recorded on the exchange’s order book, enhancing the user’s privacy. Additionally, the over-the-counter transaction ensures that large-scale transactions do not have a massive negative impact on the overall price of the cryptocurrency in the market.

@binnbougamisama, a Twitter user, said {translated from Japanese},

“Isn’t that a good thing? After all, it means that sales are getting harder if you don’t rely on the big thing. In the fact that the speculative is higher finally in the translation that the virtual currency is a large toy”

Prior to the announcement pertaining to OTC trading service, the exchange had released a statement on Bitcoin Satoshi Vision [BSV]. The exchange stated that they would be selling their customers’ Bitcoin SV which it gained after the hard fork in November 2018, and give them Japanese Yen in exchange.

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