Japan's SBI Holdings to launch crypto exchange in summer 2018

Japan’s SBI Holdings to launch crypto exchange in summer 2018

Japan’s Financial Services Agency (FSA) recently began putting cryptocurrency exchanges under the microscope, causing two to shut down and others to permanently leave the country. While the agency may have had good intentions—to create regulations that would protect consumers—some of their policies were viewed as exaggerated. One financial company is willing to swallow the regulations and has announced that it will open a cryptocurrency exchange sometime this summer.

SBI Holdings, one of the largest financial services companies in Japan, will launch its SBI Virtual Currencies exchange, allowing investors to trade in Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), and BTC. The company’s president, Yoshitaka Kitao, anticipates using BCH as the settlement currency, given the fact that BTC is expensive and “tiring as a settlement currency.” Kitao added that the exchange’s remittance currency would be XRP.

The official launch date has yet to be announced; however, Kitao said, “When we do it, it will be number one in the blink of an eye so quickly, so even if a tremendous number of customers come, we can build a system that can bear. [sic] We have to pursue safety thoroughly.” The exchange comes after SBI initially announced plans for the SBI Virtual Currencies platform about a year and a half ago. In December, SBI said that it would be partnering with BTC trading platform Huobi and expected the exchange to be ready at some point early this year.

Following the FSA’s crackdown on cryptocurrency exchanges, SBI was forced to delay the launch once more as it worked on ensuring that the platform would function in accordance with the new regulations.

SBI was established in 1999 and has several business entities. It is involved in Financial Services, Asset Management, biotechnology-related research and development and a wellness bank. The company reported revenue of just over $3 million for its latest fiscal year ending in March, representing an increase of just under $700,000 from the previous fiscal year.

Two months ago, SBI purchased 40% of cryptocurrency hardware wallet company, CoolBitX, out of Taiwan. The wallet company’s main product is the CoolWallet, which has the ability to interact with other devices over Bluetooth.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Ripple's XRP scrambles to get listed on Gemini

Ripple’s XRP scrambles to get listed on Gemini, Coinbase: report

As the cryptocurrency market continues to take a hit with values plummeting by around 80% of their worth since January, Ripple’s XRP coin is struggling to get listed on two major exchanges in the United States, according to a NewsBTC report.

XRP has been consistently touted as a “crucial link” between banks and the innovative cryptocurrency market. It is supposedly designed for maximum speed and efficiency, but its value has slumped disastrously in recent weeks with its value currently at below the $0.50 mark.

The news outlet quoted a source who claimed there was an attempt by Ripple executives to persuade Gemini to list the currency in the third quarter of 2017. The sum of $1 million was also allegedly offered. However, this bid was deemed unsuccessful. Further attempts were also made to list the currency on Gemini with a payment rebate structure and the payment of costs, but they also came to nothing.

Talks with Coinbase also hit a snag with Ripple coming out with a huge offer of $100 million in XRP coins to allow traders to start trading in the asset, according to the report. Although Ripple even offered to pay back the loan in the coin or in dollars, where the exchange would have profited if the price rose upon listing. In the end, however,  Coinbase decided not to list the currency

Currently, clients of Coinbase and Gemini exchanges can only trade in Segwit-Coin BTC (inaccurately referred to as Bitcoin Legacy or Core by many) and Ethereum. Coinbase also offers trading in Bitcoin Cash and Litecoin. Gemini’s founders, the Winklevoss brothers, indicated that they might be offering trading on Bitcoin Cash and Litecoin in the not too distant future.

Incidents of cryptocurrencies paying to be listed on exchanges were not unusual, according to an Autonomous Research report, which noted that costs could reach up to $3 million “for an opportunity to get quick liquidity.”

What could complicate matters is if the digital token that seeks to be listed is later deemed to be an unregistered security, the report quoted Clifford Chance lawyer Jesse Overall saying. Ripple’s rise in price in the past had been linked to rumours that it would be listed on U.S. exchanges but when this came to nothing, the price tanked badly and has not shown any sign of recovery since.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/ripples-xrp-scrambles-get-listed-gemini-coinbase-report/

Judges shoot down Ripple’s bid to have lawsuit heard in California

Sorry, Ripple, but it was worth a shot. Ripple Labs Inc. (RLI) is currently involved in a duel with R3 Holdco over who actually owns the Ripple (XRP) cryptocurrency. In an effort to have the dispute heard in Ripple’s backyard in California, RLI launched a lawsuit against R3, only to have it thrown out.  A subsequent appeal of the denial was also rejected, which means the lawsuit will more than likely be decided in R3’s backyard of New York, instead.

RLI and R3 are currently going after each other over a substantial amount of XRP holdings. The two companies worked together on digital-ledger technology, but things fell apart after RLI claimed that R3 joined the agreement under “false pretenses,” stating that R3 misrepresented its ability to deliver on its end of the deal. R3 countered that RLI backed out of a deal that would have seen 5 billion XRP given to the enterprise software firm.

The two are battling over what was at the time a $1.1 billion purse. Now, with the increase in XRP price, that purse has shot up to over $15 billion. Multiple lawsuits have been flying around, with RLI filing a suit in California and R3 filing one each in Delaware and New York. A judge threw out the Delaware lawsuit in October of last year and now the San Francisco appeals court rejected Ripple’s appeal after it unsuccessfully argued that a Manhattan trial would cause permanent damage to the company. The decision forced Ripple executives to argue their case in the Big Apple.

The agreement between the two companies centered on blockchain technology for the financial industry. The technology allows digital information to be exchanged securely while preventing double booking. RLI claims that R3’s only goal was to grab ahold of the technology to use for its own platform.

R3 opened its doors in 2015 and, according to its website, works with more than 100 banks, regulators and financial institutions. The company is currently working on its own distributed ledger platform, Corda, which is specifically designed for the financial industry. Since 2017, however, some of the banks that R3 used to call clients began walking away. For its part, RLI has seen an increase in partnerships, signing deals with over 90 customers around the world.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.