Japan: Land of the rising coin

05.06.2018 / 14:56

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Japan continues it's ascendance as the land of the rising coin in the world of crypto, attracting one of the US' biggest exchanges, Coinbase, and another institutional Japanese financial giant, SBI Holdings, announcing the launch of their own exchange called VCTRADE.

Coinbase, which operates in 32 countries, will appoint a former JP Morgan investment banker Nao Kitazawa as CEO of the Japan branch. Coinbase is a US regulated, compliant crypto company that has served over 20 million customers. Coinbase will still need to secure a licence to expand in Japan from the country's Financial Services Authority. Another Japanese financial powerhouse Mitsubishi UFJ Financial Group Inc is already invested in Coinbase to help fund its global expansion and is a potential banking partner if it is established there.

VCTRADE will be the first bank-backed native crypto exchange that will only trade Ripple's XRP in the initial phase, with plans to expand to the other major coins. SBI has ties with San Francisco-based Ripple and is counted by Ripple as one of the users in their global network. The launch of VCTRADE was pushed back from its initial release date due to security concerns after the Coincheck hack.

SBI's stock is traded on the Hong Kong Stock Exchange and it's share price was up near 5 percent from before the announcement. Meanwhile, XRP's price hit a high of close to $.70c but couldn't break that level and has retraced back to around $.66c. The two announcements resound with reports of cryptocurrency uptake among the Japanese public, especially in Bitcoin (BTC).

Source: Bloomberg Pro Terminal

Trader Aleksandar Kumanov

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Japan: Land of the rising coin

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