Bitcoin [BTC] and other cryptos may get an overhaul in Japan; Deutsche Bank official joins crypto startup

Monday [3rd August] saw another positive blip for cryptocurrencies with Yasuo Matsudo, Deutsche Bank’s foreign exchange dealer, joining FXcoin Ltd, a Japanese cryptocurrency startup. Deutsche Bank is one of the most popular banks, with an asset collection of over $1.5 trillion, making the German banking behemoth a worldwide phenomenon.

FXcoin.com has stated that the company’s main aim is to get regulatory approval for Bitcoin and other cryptocurrencies. The company has revealed that Yasuo Matsudo will be tasked with creating strategical plans and frameworks to improve the cryptocurrency scene in Japan, a country still on the fence about digital assets.

Tomoo Onishi, FXcoin’s Founder and Chief Executive was candid in saying that Matsudo will provide daily reports after in-depth analysis of the financial markets, giving the company and users a more solid foundation to trade in digital assets.

FXcoin has been creating a portfolio of top executives from various players in the financial industries, including companies like Nomura Holdings, HSBC Holding and Mitsubishi UFJ Financial Group Incorporated.

Japan has been tiptoeing around the idea of mainstream adoption of Bitcoin and other cryptocurrencies because of the hacks and scams that abound in the cryptosphere. Back in January 2018, Japan saw one of the biggest bank heists in its financial history. Almost $500 million was stolen by hackers, with reports suggesting that the hackers were able to utilize some fragile loopholes in the Coincheck protocols, leaving many users broke and furious.

Companies such as FXcoin are on a mission to bring in regulations that would enable legal trading of cryptocurrencies a possibility in the country. Onishi stated:

“We are trying to do all we can while we’re waiting for registration. Investors won’t be able to take action unless they know what happened in the market when they were asleep.”

Reports show that Japanese companies are trying to integrate cryptocurrencies into their projects with Fujitsu being a recent example. The Japanese Multinational IT equipment and service company has tied up with IOTA to set the cryptocurrency as a new standard for software protocols.

Fujitsu has stated that the inclusion of cryptocurrencies would make processes safer and more seamless. The use cases described by the company focus on using data as a storage medium and partnering up with automotive industries to create new products.

Leopold Sternberg, the Program Manager of the tie-up at Fujitsu sated:

“We want to develop and co-create innovative technology together with customers. Fujitsu is well-equipped to help roll out IOTA as the new protocol standard as we are experts in both IT services and the manufacturing of IT products.”

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