Recently, the cryptocurrency exchange platform, CoinDCX has launched OTC (over the counter) Desk facility which will utilize the institutional client for crypto trade. The company informed that the new provision will add-on to the CoinDCX existing platforms namely CoinDCX and CoinDCX Pro. These 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 stated in their press release.
Additionally, the CoinDCX new feature allows its customers to buy or sell their holding without worrying about volatility in price. Sumit Gupta, co-founder of CoinDCX said that will highlight those who transact large crypto quantities. “This segment is more concerned about price certainty and wants to minimize slippages,” he further said while informing about the average ticket size that these services offer starting from over Rs 30 lakh plus investment.
According to the company, the increasing popularity of cryptocurrency in India has benefitted them as a huge number of people are investing in cryptos. Digital currencies are also regarded as an alternative investment among entities and among people who want to diversify their portfolios. “Corporations, as well as startups, are showing interest in broadening their portfolio by allocating some serious amount into this asset class,” Gupta added.
Also, the OTC Desk facility will allow managing risk 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 rising involvement in cryptocurrency across the world has been reflected in CoinDCX’s fortune. The company raised $90 million in August which valued the company at $1.1 billion. This resulted in making CoinDCX the first Indian crypto exchange unicorn.
Besides, Eduardo Saver, the former co-founder of Facebook led the Series C funding in CoinDCX along with the participation from the investors like Coinbase Ventures and Polychain Capital.