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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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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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