Bithumb to Launch Global OTC Platform

Ortus is a block deal, matchmaking service specifically for institutional clients around the world and is registered in Hong Kong
08 February 2019   201

The South Korean cryptocurrency exchange Bithumb announced the launch of its own over-the-counter platform, access to which will be provided to investors all over the world.

The new unit, Ortus, is registered in Hong Kong and is a block deal, matchmaking service specifically for institutional clients around the world.. Company offices are also located in the UK, Japan, Australia and Argentina.

To connect to the platform, customers will have to go through a “demanding” registration process, which includes the provision of documents related to their identity and anti-money laundering. Ortus supports transfers from US bank accounts and provides custody services. What digital assets will be presented on the platform is not reported.

Institutions trading digital assets need to open accounts at exchanges and OTC desks around the world; however, there is no real solution for an aggregated liquidity provider or a trusted interdealer where Institutions can trade these assets. To fill this market gap, Ortus will operate to allow institutions to buy and sell digital assets through a network of global liquidity providers and benefit from a competitive and best price execution service.
 

Rahul Khanna

Director, Bithumb

Last month, Bittrex launched an OTC platform with support for approximately 200 digital assets.

SEC to Start VanEck-SolidX BTC-ETF Consideration

Starting today, the 45-day countdown to the SEC initial decision was launched
20 February 2019   107

For the first time since August of last year, two proposals on the creation of a Bitcoin-ETF are under consideration by the US Securities and Exchange Commission (SEC).

The application of VanEck and SolidX, issued in cooperation with the Cboe BZX exchange, as expected, was included in the Federal Register issue this Wednesday, with which the 45-day countdown to the SEC initial decision was launched. The application of Bitwise Asset Management and NYSE Arca was published last week.

I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.
 

Gabor Gurbacs

Director of digital asset strategy, VanEck

The head of Bitwise’s research department, Matt Hogan, believes that not only firms that have submitted bids to create Bitcoin-ETFs are looking for approvals, but and the entire “extremely fast-growing” crypto industry.

A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.
 

Matt Hougan

Global head of research, Bitwise

 As reported, ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.