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- Deutsche Bank veteran Tomoo Onishi will launch a Bitcoin trading service with the FXcoin exchange in May 2020.
- Onishi expects an increase in investment flows to Bitcoin and other cryptocurrencies due to the current macroeconomic situation.
- FXcoin will also establish a swap market for XRP and Litecoin in the long term.
In an interview, Deutsche Bank veteran Tomoo Onishi has announced the introduction of FXcoin. The exchange will begin operations in May 2020 with the offering of Bitcoin-based services, with Onishi being the CEO of FXcoin. In an interview, he explained that this is the right time to expand into the crypto market.
According to its website, FXcoin was founded on September 21, 2017, with a capital of 1.52 billion yen. The exchange has started to accept applications from potential customers who want to open an account before the launch of the new services. Regarding the launch of the exchange, Onishi said (freely translated)
We are pleased to inform you that FXcoin Co. Ltd., has started its business and has begun accepting applications to open an account exclusively for physical transactions of cryptographic assets (virtual currencies). BTC’s spot trading service is scheduled to begin in May 2020.
A regular member of the Japan Cryptographic Asset Business Association (JCBA), FXCoin aims to build a market model with cryptocurrencies and expand the adoption of Bitcoin and cryptocurrencies in Japan and around the world. The exchange claims to have the experience and knowledge of a group of industry members who are experts in finance.
Bitcoin as a safe haven in times of crisis
FXcoin’s CEO is bullish about Bitcoin. In a recent interview with Bloomberg, Onishi said he expects an increase in the flow of investment into BTC and other cryptocurrencies. This will be triggered by the stimulus measures that have been launched by world’s major central banks to combat the current financial crisis.
The collapse of Bitcoin and the entire crypto market over the past few months has put to the test the theory that BTC is a safe asset in times of crisis. However, Onishi said that in these circumstances “there is no asset that is absolutely safe,” but he said he was optimistic about the price of cryptocurrencies. In the long term, Onishi said that cryptocurrencies will move at a different pace from the traditional market. In addition to the flow of investment that will come to the crypto market, according to Onishi, because of government stimulus measures, Bitcoin’s halving is expected to be a catalyst for its price.
One of FXcoin’s shareholders, according to its website, is SBI Holdings Inc. which is part of a banking conglomerate, SBI Holding which in turn is a major partner of Ripple in Asia. Probably because of that the XRP token will be listed on FXcoin. The exchange plans to diversify to provide a swap market between XRP, Bitcoin and Litecoin. Thus, FXcoin plans to offer its investors a means to protect themselves from market volatility.
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