Japan’s SBI Holdings Invests In FXCoin With The Intention To Launch A Cryptocurrency Exchange
The Japanse cryptocurrency startup FXCoin has recently completed a third-party allotment of shares with the financial services firm SBI Holdings. The information was released by Cointelegraph Japan a few hours ago. FXCoin focuses on providing information to investors about markets.
SBI Holdings Invests In FXCoin
FXCoin was founded back in December 2017, when the crypto market was reaching its highest point, by Tomoo Onishi, a former head of foreign exchange sales at Deutsche Bank. At the moment, the firm has other experts from firms such as Mitsubishi UFJ Financial, HSBC and also Nomura.
FXCoin is also trying to acquire a license to operate with the country. In order to do so, it has already received a second-tier membership from the Japan Virtual Currency Exchange Association (JVCEA). This membership is designed for companies that are trying to apply for an official crypto exchange license from the country’s regulatory agency the Financial Services Association (FSA).
It is worth mentioning that Japan has created very hard regulations for companies that are operating in the market. This is due to the fact that when the crypto space expanded in 2017, there have been several fraudulent activities harming investors and users.
The JVCEA is a self-regulatory agency that was formed back in March 2018 with the intention of improving cryptocurrency standards in the country. Early in 2018, the Japanese cryptocurrency exchange Coincheck was hacked and lost $532 million worth of NEM coins. Other exchanges were also experiencing some issues with their platforms.
SBI has also been operating in the crypto market for a long time. The company has invested in other crypto companies such as the exchange Vctade and other companies related to infrastructure and services.
SBI has also partnered with MoneyTap, a company powered by Ripple’s services, in order to start using its platform for payments. The application wants to include another consortium of 61 different institutions that represent more than 80 percent of all Japanese assets located in banks.
Earlier this year, SBI launched SBI Mining Chip Co., in order to manufacture crypto mining hardware. Nonetheless, they did not provide more information about which cryptocurrency they will be focusing on.