The recent drive in crypto adoption brought about by people looking to bypass various economic hurdles has also drawn the attention of banks and financial institutions from all over the world. Many banks are now slowly implementing blockchain technology and cryptocurrencies in their daily operations.
There has been a sharp and sudden turn around by bankers and the banking sector when it comes to cryptocurrencies. Bankers have identified the potential that cryptocurrencies like Bitcoin and its associated technologies hold and how it has grown to become a significant part that’ll define the future of money.
Banker to Bitcoin
Some have even started off their own venture into the crypto market, and one such banker is former Deutsche Bank veteran and former FX Japan Managing director Tomoo Onishi. Onishi is all set to launch his very own cryptocurrency trading desk in May 2020, just as Bitcoin’s halving is driving significant interest towards the emerging asset class.
More than two years after coming into existence, Onishi’s FXcoin Ltd. is all set to offer Bitcoin trading options on the platform as the firm has started accepting applications from customers who are willing to create an account. Backed by SBI Holdings Inc, a Japanese conglomerate with significant involvement in the crypto space, FXcoin is one of the 23 entities registered with Japan’s Financial Services Authority.
COVID crisis to boost crypto
CEO of FXcoin, Onishi believes that the global COVID-19 crisis will pave the way for fresh money to flow into the crypto industry as the global market would be flooded with cash due to the stimulus measures taken to battle the economic distress.
While Onishi agrees that “there is no asset that’s absolutely safe,” he also states that he is a “bull on virtual currency prices” especially because of the fact that digital currencies don’t tend to move alongside traditional assets over the long term, making them a worthy inclusion in any portfolio to diversify risks.
As of now FXcoin will focus on trading products related to Bitcoin and has plans to further increase its services and support other cryptocurrencies like XRP and Litecoin and also launch a swaps market to allow investors to hedge against the high price volatility of the market.
Furthermore, the exchange also plans to expand its workforce up to 50 by the end of 2020, from its current headcount of 36. According to Onishi, the company expects to start drawing in profits by the end of 2021 but there is no numerical target.