Connect with us

Blogs

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

Published

on

XRP
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Pexels

Blogs

XRP Surges By 8% In A Surprise Bull Run

Published

on

XRP
READ LATER - DOWNLOAD THIS POST AS PDF

The new price surge that surrounded almost the entire crypto market brought quite a pleasant surprise for XRP holders, as Ripple grew in price by over 8% in the last 24 hours. In fact, XRP managed to achieve a price surge equal to that of Ethereum as of this morning.

While the third largest cryptocurrency is still quite behind ETH when it comes to market cap, many believe that it is only a matter of time before XRP regains its former glory. With that being said, a lot of people are still more than pleased with seeing Ripple climbing back to more stable levels, especially after a big price drop that hit the coin last week.

The new hike up allowed XRP to climb back to $0.446322. While this is still low when compared to its highest point in the last week ($0.52), the coin still seems to be well on its way to recovery. In fact, many believe that XRP has found a new bottom, one that is significantly higher than the last one. Most of this new success can be traced back to a price surge that Ripple has had recently when it even managed to briefly overthrow Ethereum as the second largest coin by market cap.

Despite its drop since then, XRP still remains one of the coins with the strongest growth in the last month. While the market is still far from stable,…

Continue Reading

Bitcoin

If Tether crashes, will that money pour into Bitcoin?

Published

on

Tether
READ LATER - DOWNLOAD THIS POST AS PDF

For a long time now, the so-called stablecoin, Tether (USDT) has been a topic of discussion within the crypto community.

Tether, as a stablecoin, is said to be fully backed by the USD. This allowed it to be one of only a handful of cryptos that can avoid volatility issues, due to the fact that it is backed by a stable fiat currency. However, for as long as it was around, Tether was very secretive of its bank accounts and funds in general.

While claiming to have the ability to back each of its USDT coins, many have questioned whether or not this can be true. At the time of writing (October 16, 2018), Tether has released 2,256,421,736 USDT in circulation. This means that it needs to have at least $2,256,421,736 in order to cover its circulating supply.

At this point, three questions emerge, and answering them could very well change the future of this stablecoin. The questions are as follows:

  1. Are all USDT coins fully backed?
  2. If yes, then where did that much money come from?
  3. If not, what will happen when the market discovers the lie?

Tether continues to keep secrets

As mentioned, Tether has always claimed to be able to back each of its coins. However, instead of operating on transparency, the coin used different tools, mostly opaqueness, misdirection, and playing the victim whenever someone tried to unveil what is truly going…

Continue Reading

Bitcoin

Is Bitcoin (BTC) Better Than USD?

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

Despite all its recent progress, cryptocurrencies still do not inspire trust in a lot of people. Many view them as unsafe money, with its very nature being doubtful. However, a recent report by the Polish Academy of Sciences’ Institute of Nuclear Physics shows that situation regarding cryptocurrencies may not be as bad as it seems. In fact, the report claims that Bitcoin might even be a better currency than it looks like.

Bitcoin vs traditional money

Bitcoin, as many are already aware of, is the first cryptocurrency. It was created a decade ago and was officially launched in 2009. But, even though it has been around for around 9 years at this point, it is still largely mistrusted by a lot of investors, especially when it comes to large institutions.

However, thanks to the Cracow-based Institute of Nuclear Physics’ recent report, this common opinion might actually be wrong. The Institute has conducted a detailed statistical analysis of the BTC market and has published the results in a scientific journal called Chaos: An Interdisciplinary Journal of Nonlinear Science.

Surprisingly enough, the report portraits Bitcoin in a very positive light.

The report started by commenting on the credibility of traditional money. In the past, money that people have been using was backed by specific material commodities, such as gold. These commodities gave the money its value and served as a guarantee that the money actually has worth. This is…

Continue Reading

Elite