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

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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.

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.

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.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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