Deutsche Bank bullish on crypto-assets like Bitcoin and now preparing to launch Bitcoin trading desk FXcoin LTD
As AZCoin News reported, Deutsche Bank published a report analyzing the cash payment ecosystem in an age of digitalization. Based on a survey, Deutsche Bank found that cash would stay for now, and digital payments could affect the balance of global economic powers. And perhaps Deutsche Bank had a strong affection for cryptocurrencies like Bitcoin. Even the culture has spilled over into the company’s executives.
Deutsche Bank is now preparing to launch the Bitcoin trading desk FXcoin LTD
Deutsche Bank even launched a cryptocurrency trading desk in May 2020, as soon as Bitcoin halving occurred and was expected to attract significant interest.
Perhaps the reason Chief Executive Officer Tomoo Onishi believes in Bitcoin, ETH, XRP comes from the future and their potential. At the moment, they are still a class of investment assets, making the portfolio more diverse. And this is also the reason Onishi believes and promotes the development of the coming Bitcoin trading desk, called FXcoin LTD., which is expected to launch in May.
In an interview with Bloomberg, Onishi said:
“While there is no asset that’s safe from the recent recession and coronavirus related market chaos, he asserts that he is a bull on virtual currency prices, which I expect to rise in the coming months. The launch of our platform will coincide with what could bring more interest to the cryptocurrency space since Bitcoin’s 2017 bubble: the upcoming block reward halving.”
Onishi envisions a scenario where stimulus packages flood the economy with excess cash, and some of it makes its way into crypto assets like Bitcoin. And with Bitcoin halving in less than three weeks, there will be an additional catalyst ready to help push prices higher, further stimulating FOMO from outside investors with cash burning holes in the pockets of the surname.
Will Japan return to being the center of cryptocurrency?
FXcoin is backed by giant corporation SBI Holdings Inc, a Japanese corporation that has a stake in the cryptocurrency space and is one of 23 entities registered with the Japan Financial Services Agency.
Japan was once a hot spot for cryptocurrency exchanges, but a series of high-profile hacks in 2018 led to a decline in interest in the country. The hacks prompted FSA Japan to tighten restrictions in the region, causing some exchanges to close stores. Others were issued with fines until the industry formed.
Most are prompted from just one historical cryptocurrency exchange hack. Cryptocurrency platform CoinCheck has been breached, and hackers have earned over $ 500 million worth of tokens.
The hack was a blow to the industry and regained space in Japan. Only now, when more companies like FXcoin are open, will the industry in that region begin to turn around.
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