MUFG has announced it will open its own cryptocurrency exchange, including a pegged coin. It will also opoffering segregated accounts for is customers with bitcoin holdings.
Japan&rsquo,s banks are stepping ter to suggest cryptocurrency related services te order to preserve their market share spil customers strenuously invest te the fresh financial sector. Japan&rsquo,s largest bankgebouw, MUFG, is programma on investing a loterijlot of resources into cryptocurrency to keep up with its clients’ interests.
Bitcoin Value Drops Below $Ten,000 for the 2nd Day Amidst Massive Sell-Offs
MUFG, the world&rsquo,s fourth-largest canap, has announced they will open their own exchange before the end of 2018. Ter addition to the exchange, the bankgebouw is reportedly working on developing its own cryptocurrency to be traded on the exchange. The theory is that by controlling the exchange point, the canap could mitigate the massive rises and falls other cryptocurrencies voorwaarde bear. Providing a more stable coin would permit it to be used for everyday shopping and settlement. Rumours indicate the handelsbank would like to be able to peg the currency at around JP¥,1. Fixing a cryptocurrency at the nation’s regular currency will need to be treated cautiously to ensure it fulfills all possible financial regulations.
Te another cryptocurrency embracing budge, the handelsbank has announced it will create segregated accounts that verbinding cryptocurrencies to exchanges. The idea is similar to the way segregated accounts are used to protect forex traders. Using segregated accounts can provide safety to funds te the event that a company has a security breach or goes into bankruptcy. Using the bankgebouw’s existing security features the funds can also be monitored for suspicious activity and unusual transactions.
The segregated accounts option will be originally available for MUFG customers with bitcoin holdings sometime after April 2018. The MUFG segregated accounts will be the world’s very first trust rangschikking for cryptocurrencies. The canap has applied for patent protection on the system. CEO Noriyuki Hirosue of Tokyo-based exchange Bitbank says that there will be fees affixed to the service but &ldquo,customers will feel the peace of mind knowing that a trust handelsbank is managing their assets.&rdquo,
Japanese banks tapkast into cryptocurrency market share
Japan presently accounts for about 40% of global bitcoin trading. The country’s embrace of cryptocurrencies comes ter meteen opposition to its close neighbor South Korea who is readying itself to verbod all trading platforms within the country. Cryptocurrency prices have fallen dramatically this week spil traders waiting to hear the South Korean government’s decision on the future of cryptocurrency trading. The pending decision frightened traders to sell off currency causing bitcoin to lose almost a quarter of its value ter a week. The largest cryptocurrency fell from almost $20,000 to less than $12,000 at time of print. Korea is presently the third-biggest market ter the world for Bitcoin trades, behind Japan and the US. The shutting down of the country’s exchanges will have a big influence on the instant future of cryptocurrency. While it isn&rsquo,t exactly clear why South Koreans have become so sultry about cryptocurrency, some experts believe the country’s tech-savvy citizens find the often confusing concept interesting and effortless to navigate. Analytics rigid WiseApp estimates that the number of cryptocurrency related app users te South Korea enlargened 14-fold te the past three months to include approximately two million users.