World’s First Bank-Owned Cryptocurrency Exchange Opens in Japan
Adoption. That’s the key right? Once the masses adopt crypto, we can all retire early and talk about those crazy times when the overall market cap was only in the billions. Can you imagine the day? Well we’ve taken one step closer, in my opinion, as Japan becomes the first country where a bank owned exchange opens.
SBI group, founded in 1999, while relatively young have taken this first innovative step in the exchange world. In many cases crypto exchanges and companies find it extremely difficult to open accounts with banks, get credit, etc. because banks are very negative towards crypto. This could be a first step, and model, for future institutional investment.
SBI has opened up trading on its exchange named VCTRADE, and being a bank-owned crypto exchange, it is the first of its kind in the world. Japan is crypto-mad and has arguably the biggest cryptocurrency markets, which makes 20,000 pre registrations no surprise.
The overall cryptocurrency market had a wonderful week surging from $249bln to $281bln representing a 12% increase in the past seven days. Bitcoin lead the way and dragged everyone with it. Thanks BTC. The good news continues to flood in, as you will see below, and the crypto market keeps trucking along. Imagine for a moment a 1 trillion dollar market. We’re allowed to dream, right?
Bitcoin (BTC): BTC SURGED this week and blasted through the $7k mark increasing from $6,284 to $7,420 as of this post. Needless to say, the crypto community was losing their shi*t this week on twitter. Oh and has anyone noticed, as if out of nowhere, the bull charts re-appeared as if like magic.
Ethereum (ETH): Where BTC goes, crypto goes. Though ETH could not hold on to it’s high of $511 on Wednesday, ETH grew 6% to $463 as of this post.
Cardano (ADA): Dubbed “blockchain 3.0”, Cardano is a fully open-source, decentralized public blockchain and cryptocurrency project. It’s in fact the first blockchain platform to be built from peer-reviewed academic research, featuring some of the world’s foremost universities (among which are the University of Edinburgh and the Tokyo Institute of Technology).
Founded by Charles Hoskinson, former Ethereum CEO and early founder. Cardano has a 3 year roadmap split into eras, with each era featuring major improvement and introduction of some features. It’s currently in its bootstrap era, which they have named the Byron phase. In this current era, IOHK is working on stabilizing and tweaking its blockchain, and making significant improvements to the Cardano core.
As you can see in the graph below ADA had it’s parabolic phase, but swiftly retraced to it’s support of $0.20.
If you want to know more about Cardano check out our guide!
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CRYPTOCURRENCY NEWS FROM AROUND THE INTERNET
World’s First Bank-Backed Crypto Exchange Finally Opens to the Public – Japanese financial giant SBI Holdings formally launched its in-house crypto trading platform, dubbed VCTRADE, last month. Yet, as reported by CoinDesk at the time, the trading service was only available for a group of selected users who pre-registered with the platform last October.
Coinbase teases new cryptocurrency assets for which it’s ‘exploring’ support – Coinbase is taking a look at some new cryptocurrencies to add to its exchange. If your favorite project on the list?
Major League Baseball is going crypto – Later this summer, Major League Baseball digital collectibles are coming to the Ethereum blockchain. Lucid Sight, a blockchain gaming company, is launching MLB Crypto Baseball, through a licensing deal with MLB.
Tezos Investors Got a Chance to Sell This Week – And They Took It – After waiting nearly a year to get their tokens, the first thing many Tezos investors did was get rid of them.
$6.3 Trillion BlackRock is Allegedly Now Exploring the World of Cryptocurrencies – The floodgates could be about to open in the cryptocurrency market. BlackRock, the world’s largest asset management firm, with $6.3 trillion in assets under management, is exploring bitcoin.
American Express is Eyeing Blockchain for a Proof-of-Payments System – American Express isn’t an institution unfamiliar with blockchain. Throughout the past few months, we’ve seen the financial services company support the blockchain very publicly.
Schnorr is Looking Graceful to Become Bitcoin’s Biggest Change since SegWit – Last week, influential developer, Pieter Wuille uncovered a draft which outlined the technical makeup of the Bitcoin upgrade. Now, with stronger foresight and passion, Bitcoin upgrade is all set to enter the implementation phase.
?Mastercard to link crypto to fiat currency with new patent – You can’t stop the blockchain! Mastercard has patented a method and system for the ‘linkage of blockchain-based assets to fiat currency accounts’.
South Korea Will Subsidize Blockchain Startups – The South Korean government has announced a plan to revise the current tax rules to widen benefits for companies that focus on the development of nascent technologies, including blockchain, as part of the country’s push for innovation growth.
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