Ripple (XRP) – Four top coins are to receive boost in Japan owing to the SBI statement that it is about start an Exchange for major Cryptocurrencies in the country. Plans of the crypto exchange has been unveiled by the group’s CEO with a launch date fixed to make the move expedited.
According to Minkabu publication, the group’s CEO maintains that he expects the new exchange to “be number one in the blink of an eye.”
SBI digital currency exchange is expected to be launched in “in the autumn of 2017 and at the latest the beginning of 2018,” Minkabu publication in the past averred.
Surprisingly, the Coincheck’s hack, agreement with Huobi Group in China, among other unforeseen circumstances made the group postpone the development despite the fact that Japanese Financial Services Agency (FSA) in September 2017, had been offered the license to take off.
At a press conference, as made known by Minkabu, President and CEO Yoshitaka Kitao the group is officially unveiling and starting the crypto exchange platform in the summer.
The CEO declared that the idea “is not a white label of other exchanges but a self-developed” innovation.
Kitao revealed, speaking about the digital currency to be launched, that “it is assumed to be major virtual currencies, [including] bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), [and] ripple (XRP)”.
The publication revealed that one major difference between SBI’s exchange and others is that “we set the spread to the industry minimum”.
The CEO understands that the major factor will make the exchange grow at a faster pace than others.
Combining the fact that SBI has one of the largest security brokerages in Japan, with a total of 8.5 million accounts of financial affiliates such as SBI Securities Co. Ltd., there is possibility the exchange rises beyond expectation.
Findings Reveals Japan Could Have Over 3 Million Crypto Traders
A statistical research by Japan’s Financial Services Agency (FSA) on domestic cryptocurrency trading, made for the first time indicates that the country has 3.5 million individuals trading cryptocurrency as assets.
In the data which was gathered from 17 crypto exchanges, the crypto investors in their 20s take 28%, while those in their 30s take 34% and those in their 40s take 22%.
At the first meet up of cryptocurrency exchange study group, an idea of the FSA, the research was made known. The research is an effort by FSA to introduce transparency to the world of cryptocurrency in the country owing to a massive Coincheck exchange hack that occurred in the country.
According to the FSA, the study and disclosure of the domestic trading statistics is a first step towards a more comprehensive examination over institutional issues in the cryptocurrency trading space in Japan.
In the data, yearly Bitcoin trading volume has increased from $22 million in March, 2014 to $97 billion in 2017. While trading bitcoin as an underlying asset has risen steeply from only $2 million in 2014 to an enormous $543 billion just in 2017.
A New Phase Of Cryptocurrency In Japan
With growing clampdown on cryptocurrency exchange in recent time in Japan, after Coincheck announced they have been hacked an equivalent of $534 million worth of the NEM cryptocurrency. The hack created a panic in the crypto space with pessimists claiming cryptocurrency is a ticking time bomb and even a gamble.
After that, it seems to be appearing that the government Japan is trying to make cryptocurrency have a rigid presence in the country.
Ripple and Others Who Benefits the most?
Nearly all the big data coins will benefit in the new exchange once it is unveiled. However, it is to be noted that Ripple has partnered with notable banks in the country. The Japan Bank Consortium, a group of 61 banks in Japan which are personally gathered by SBI Ripple Asia, announced in December 2017 the launch of a new Ripple pilot with Woori Bank and Shinhan Bank (two of South Korea’s largest banks, worth $30 billion). The banks are testing the superiority of RippleNet by transferring money from Japan to Korea using the tool. This signals that Ripple has a presence in the country even with SBI. The two firms have earlier announced a joint venture, SBI Ripple Asia in the first quarter of 2017.
There is high possibility that Ripple benefits the most in the exchange because it is already at term with SBI before the group unveils its exchange.