Japanese cryptocurrency exchange FXcoin to test remittances with XRP

by | Apr 27, 2020 | 0 comments

FXcoin Co. Ltd. is a Japanese cryptocurrency exchange established in 2017. Its shareholders include Tomonio Onishi, SBI Group, Money Partners, Sumitomo Corporation, and others. It is also a first-class member of the Japan Virtual Currency Exchange Association (JVCEA) and a Regular member of Japan Cryptographic Asset Business Association (JCBA).

Ready for business

On April 23rd, FXcoin announced that it started business and begun accepting applications for account opening, exclusively for physical transactions of crypto assets (virtual currencies). Cointelegraph Japan revealed that FXcoin will launch with Bitcoin (BTC) trading only to later add highly liquid currencies such as XRP. The exchange will go live in May but an announcement will be made at a later stage with the specifics. Even more interesting was the statement by FXcoin Senior Strategist Yasuo Matsuda about future plans:

“Until now, crypto assets have been used mainly for speculative purposes due to the magnitude of price movements, but in order to demonstrate the inherent superiority of crypto assets that enable quick money transfer and settlement at low cost, hedging price movements In order to establish the Swap market and expand the usage for the purpose of actual demand, in order to do so, we will proceed with the demonstration experiment of domestic remittance and overseas remittance through XRP, and finally, global cash management, corporate finance, and trade. We would like to expand the range of applications to fields such as finance. “

FXcoin was registered as a virtual currency exchange business by the Financial Services Agency in December 2019. 

CryptoEri (@Sentosumosaba on Twitter) covered the news in her recent video, providing some great perspective on the importance of the news.

With Ripple’s On-Demand Liquidity (ODL) gaining traction in Mexico, The Philippines, Australia, The United States, and Europe, Japan is one of the countries expected to go live soon. Back in December 2019, it was revealed that Flash FX was planning to expand the ODL service to Japan.

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