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Japan’s SBI Launches New Bank-Backed Exchange Favoring Ripple (XRP)

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Japan’s SBI Holdings-owned crypto exchange called SBI Virtual Currencies has launched a new service – VCTRADE. The service, as well as the exchange itself, came after many delays and various difficulties. Now, when it finally got launched, it will continue to improve and develop, and the first and only crypto that can be used as of yet is Ripple (XRP).

SBI Virtual Currencies’ long struggle

Back in October 2016, Japan’s financial service called SBI Holdings announced its new subsidiary, which was to be a crypto exchange called SBI Virtual Currencies. It would have been the first exchange that would have the total support of a large financial institution. The exchange’s registration with Japan’s FSA was only completed in September 2017. almost an entire year later.

As if this delay was not enough, the exchange’s launch was also postponed due to a large hacking attack on an exchange called Coincheck, which has demonstrated just how vulnerable these institutions can be. Security concerns appeared, and the business environment was in need of large changes, which postponed the official launch further.

The launch was announced for the summer of 2018, and this announcement came in April of this year by Yoshitaka Kitao, the SBI Holdings’ president. He also stated that the new trading service called VCTRADE will become the best soon after its launch. Well, the time has come, and VCTRADE has been live for several hours now.

Right now, the service is only open to those who have submitted an application for advanced registration back in October 2017. This includes around 20,000 individuals, which are currently receiving their usernames and passwords. Those who did not choose to take the advanced registration will also have the chance to create an account, but not before July 2018.

Ripple as crypto of choice

As of yet, the exchange will only support Ripple (XRP), with the only trading pair being XRP/JPY. However, the exchange doesn’t plan to stop here, and it will soon introduce other cryptos, starting with Bitcoin (BTC), as well as Bitcoin Cash (BCH).

According to SBI Virtual Currencies, the exchange’s trading environment will have an extremely high level of low-latency, due to its adoption of NASDAQ’s system for transactions. Additionally, they will also be able to offer a very narrow bid-ask spread.

Thanks to Google Chrome’s automatic translations, the SBI Virtual Currency’s website, which is in Japanese, can be freely browsed through by pretty much anyone. By doing so, you can see for yourself that the company claims the VCTRADE will offer large speeds, high reliability, and the ultimate transparency.

One thing that many people have been wondering about is why is the exchange only supporting XRP? The answer might lie in the Yoshitaka Kitao’s interview with Ripple from August of last year. Back then, he stated that XRP is cheaper, faster, and infinitely more scalable than pretty much any other crypto. He also admitted that the SBI has invested in Ripple back in 2016, as well as helped launch a joint venture called SBI Ripple Asia. Obviously, XRP has been a favorite of Yoshitaka Kitao, as well as of SBI in general, so it is no surprise that it became the exchange’s crypto of choice.

Not only that, but Kitao also tweeted that he believes that Ripple’s price will go up to $8-10 before this year’s end.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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