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

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XRP

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

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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