SBI Group’s SBI Virtual Currencies made quite a controversial decision earlier this month when they decided to delist Bitcoin Cash (BCH). Understandably enough, many were confused by the move, which is why the SBI Group’s CEO, Yoshitaka Kitao, decided to explain what happened and what led to this decision.
Earlier in April, Kitao and the board members had an end-of-fiscal-year meeting, during which the CEO stated that coins that regularly go through hard forks are ludicrous. He was referring to Bitcoin Cash, which had seen a hard fork in mid-November 2018. Not only that, but its hard fork is believed to be one of the causes of the year’s second crypto market crash.
No to Bitcoin: Neither Cash nor SV
Kitao explained that the original intention was to provide support to BCH. However, Bitmain’s former CEO, Jihan Wu, had is well-known disagreement with nChain’s chief scientist, Dr. Craig Wright. The disagreement led to splitting up the community, and when the day of the hard fork came — the blockchain split as well. While Wu did manage to take control of the name Bitcoin Cash, SBI Group decided that both BCH and BSV are troublesome tokens that should be dropped.
While Bitcoin Cash is far above BSV on the list of largest cryptocurrencies, SBI believed it to have security concerns at some point. Or, at least, that was the group’s main reason for delisting the coin. The move was interesting as many were seeking to delist BSV at the time, but SBI Virtual Currencies later said that the moment of delisting was not taking a stance and supporting one coin over another. The timing was, supposedly, coincidental, and the company was simply doing what it believed to be the best and safest option.
However, many also pointed out that Kitao had a long business relationship with Craig Wright, which may have had some impact on SBI CEO’s decisionmaking. Of course, SBI dismissed this as a factor entirely, stating that BSV will not be listed either.
SBI CEO becomes Ripple board member
Then, another interesting development happened, only a week ago, when Kitao got appointed as Ripple’s board member.
It's my pleasure to welcome @yoshitaka_kitao, President and CEO of @sbigroup, to the @Ripple Board of Directors. With a deep understanding of the financial services industry, he joins at a perfect time as we deepen our customer base in APAC and beyond. https://t.co/wpQQmrAA94
— Chris Larsen (@chrislarsensf) April 26, 2019
The California-based company is known for its strong focus on the banking sector, as well as for its products that aim to make cross-border payments instant and much cheaper. As a crypto startup with a lot of potentials, SBI was more than interested in having a long-standing, friendly relationship with Ripple.
So much so, in fact, that they came together to form SBI Ripple Asia, a payment platform initiative that would make use of RippleNet’s infrastructure. Another interesting thing is that Kitao will actually replace SBI Ripple Asia’s CEO, Takashi Okita, on the Ripple board. Many have been wondering what this might mean, or lead to. Some suggestions propose that Kitao might wish to get a leading role in both, international and domestic crypto-based affairs.
Whatever the case may be, it appears that 2019 will bring some interesting changes to Japan’s crypto scene.
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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.
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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. One of the ways to have a successful…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
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.
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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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.”
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