Previously Hacked Cryptocurrency Exchange Adds Ether And XRP To Its OTC Desk
Coincheck Adds Support For Ether And XRP
The top Asian cryptocurrency exchange started operating its OTC desk with Bitcoin at the beginning of the month but will now be offering Ethereum and XRP, which are the second and third largest cryptocurrencies by market capitalization respectively.
One of the significant features of the OTC is the specialized services that it offers high volume traders, thereby allowing them to save on fees and skirt what would otherwise be considerable hurdles buying or selling major cryptocurrencies via the standard methods.
These singular features have become really popular among major exchanges worldwide as they kept on emerging despite the ongoing crypto bear market.
Coincheck further revealed in a blog post on April 15, that it will be looking forward to adding further altcoins to its OTC desk, though the exchange did not reveal when it will be taking the next big step.
Meanwhile, Monex Group, the Japanese firm that acquired Coincheck revealed that there would be a major shakeup in the infrastructure of the company.
Topping the list is the news that Oki Matsumoto, who doubles as the Chief Executive Officer and President of the Monex Group will also be at the helms of affairs at Coincheck, as he will also be the President of the Exchange giant.
Koichi Tateno, the senior executive officer, will also change his portfolio, as he will now be a senior advisor at the company. To affirm to integration between both companies, at least three Coincheck executive directors will also start to execute the same function at Monex as well.
The major managerial shake-up is geared towards improving the operations of both Monex and Coincheck as the two companies are trying to become the top players in a highly competitive market where virtually all the companies are doing all they can to be the go-to company in the cryptocurrency market.
Although we have seen the change of portfolios and other necessary managerial shake-ups, it is now time to wait and see how the major changes will affect the fortune of the companies and if will drive them towards finally actualizing their aims and objectives.
With the 2019 expansion into the United States on the cards for Monex, analysts are of the opinion that 2019 may be a very important year for both companies as they aim to crash into the United States market.
The January hack of Coincheck in the tune of $530 million left the company in a very bad spot, where they couldn’t pay their investors and creditors.
The acquisition by the Monex Group was the saving grace that redeemed the image of the company and gradually elevating its position back to where it used to be.
The historic hack also sparked widespread criticism and left the big question, how will the cryptocurrency world fight the menace of hacks and heists.