SBI-backed FXCoin begins Japan crypto trading service with Bitcoin

As the crypto market gradually recovers from the recent crash, a Tokyo-based cryptocurrency startup, FXCoin, has announced plans to provide cryptocurrency trading on its platform. It plans to start with Bitcoin (BTC), according to the report on Bloomberg.

The company, which is backed by SBI Holdings, was established by the ex-Deutsche Bank AG official, Tomoo Onishi. The plans for the Japan crypto trading service are coming about three years after the inception of the company. 

FXCoin Japan crypto trading starts in May

As reported, FXCoin will start offering Bitcoin trading from May, directly on its platform. The users’ on-boarding process has already been set up, as the company has begun receiving applications for account registration.

In what could explain the company’s decision to enable the Japan crypto trading on FXCoin, Onishi seems to be acting towards the near-future of the crypto market. The CEO speculated that the COVID-19 stimulus proposed by governments would result in more cash in the global markets.

Onishi believes that part of these funds will equally reach the cryptocurrency market, which is probably playing out. Coinbase recently revealed that crypto purchases of the mark $1,200 surge, after the US government provided a stimulus at the same amount.

Cryptos do not correlate with traditional assets

The CEO also relayed the recent performance of digital currencies, especially Bitcoin. Despite the fact that many people regarded the largest cryptocurrency as a haven during an economic crisis, yet it dropped along with other traditional commodities or assets.

However, Onishi justified the movements by saying that no assets are completely safe. He added that cryptos do not correlate with conventional assets in the long term. He concluded by saying that he is bullish on the price of cryptocurrencies.

In addition, FXcoin’s Japan crypto trading will expand to cover other cryptocurrencies in the future, which includes Ripple (XRP) and Litecoin (LTC). Besides, it will roll out swaps options to enable users to curb volatility, Onishi commented.