One of the Largest Financial Companies in Japan Is Launching a Crypto Exchange

23 out of 33 Cryptocurrency Exchanges in South Korea agree to Self-Regulation – Cryptocurrency News

Kitao Yoshitaka (CEO of SBI Group and President of SBI Holdings) said that he is convinced that SBI Group will be able to transform its crypto exchange into the number one cryptocurrency trading platform in Japan and dominate the crypto market.

Why Yoshitaka Wants to Dominate the Crypto Exchange Market in Japan

Yoshitaka, as well as the researchers at the company, know that the demand for digital currencies and also the volume of exchanges have significantly dropped since December last year, during the peak of the market interest.
Hence, the confidence of the CEO in dominating the crypto exchange market in Japan doesn’t necessarily stem from SBI Holdings’ resources and capital. This is because financial institutions and local banks know how profitable crypto exchanges are, they also know that crypto trading platforms are able to generate more profit than banks.

SEE ALSO:   What's The Difference Between Ripple XRP's Tech And Other Cryptocurrency Assets?-Thu Jun 21

Before CoinCheck was hacked (the former largest crypto trading platform in Japan) generated a quarterly profit of about $150 million, surpassing the profit made by the largest bank in Germany – Deutsche Bank.Financial institutions and banks are now rushing into the crypto market, not because they believe the market is immature and easy to dominate, but because crypto trading platforms are now generating more profits than banks.

Rebuilding Trust in the System

SBI holdings said that the financial institution will, first of all, focus on rebuilding trust with investors in Japan. After the drastic decrease in the value of bitcoin in February this year, a lot of investors lost confidence and trust in the crypto market, and this halved the volume of crypto exchange market in Japan.

SEE ALSO:   The Real Reason Behind Bitcoin's Price Crash Revealed -Thu Jun 21

SBI Holding is likely to target large-scale retail traders and institutional investors first, instead of individual investors. This will increase the liquidity volume in the market. Gradually, they will start targeting individual investors and improve the market conditions.

loading...

Legal Disclaimer: The content of this website (smartereum.com) is intended to convey general information only. This website does not provide legal, investment, tax, etc advice. You should not treat any information on smartereum.com as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc. We strongly suggest seeking advice from your own financial, investment, tax, or legal adviser. Neither smartereum.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from smartereum.com.

SEE ALSO:   Aeternity (AE) Goes Live on Coindelta Crypto Exchange

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Get Smart About Crypto!


Promise we won’t spam you!

We Are Hiring

Click here if you would like to join one of the fastest growing blockchain news companies in the world!