Japan’s SBI to Set Up Blockchain-Powered Digital Stock Exchange

Japan’s SBI to Set Up Blockchain-Powered Digital Stock Exchange
September 8, 2020


The cryptocurrency market remains bearish, with Bitcoin (BTC) struggling to break out of the 10,200-10,500 range. At the time of writing this article, Bitcoin was trading at $10,338, reflecting a gain of 0.4% in the past 24 hours. Ether (ETH) had lost 2% to trade at $349.79. XRP had lost 0.7% to trade at $0.2410. Major altcoins which have recorded gains in the past 24 hours include OKB (OKB-$5.43, 0.9%), LEO (LEO-$1.22, 0.4), Dash (DASH-$75.78, 7.8%), Monero (XMR-$82.91, 3.6%), Litecoin (LTC-$48.71, 1.0%), Bitcoin SV (BSV-$182.89, 5.7%), Bitcoin Cash (BCH-$228.14, 0.3%) and Tezos (XTZ-2.53 0.2%). Major altcoins, which have lost value in the past 24 hours include EOS (EOS-$3.13, -9%). Tron (TRX-$0.0318, -0.5%), Huobi (HT-$4.61, -2.8%), Cardano (ADA-$0.0930, -0.8%), Polkadot (DOT-$4.54, -3.8%), ChainLink (LINK-$12.56, -1.4%), Cosmos (ATOM, $4.99, -3.2%), Binance Coin (BNB-$22.58, -1.4%), Stellar (XLM-$0.0783, -0.2%) and IOTA (IOTA-$0.2830, -0.3%).

Government level initiatives

Bill to study blockchain tech has been tabled in the US

Two Democrats and a Republican have together tabled a bill to encourage a detailed study of blockchain technology. Specifically, the House saw the bill being tabled by Rep. Darren Soto (D-FL), Rep. Brett Guthrie (R-KY) and Rep. Doris Matsui (D-CA) on September 1st, and was consequently recommended to the Committee on Energy and Commerce.

The bill suggests instructing the US Secretary of Commerce, in consultation with the Federal Trade Commission (FTC) “to conduct a study and submit to Congress a report on the state of the blockchain technology and use in consumer protection, and for other purposes.”

The draft legislation, drawn up by Rep. Guthrie, named “Advancing Blockchain Act,” necessitates the Secretary of Commerce and the FTC to research the effect of blockchain technology on the US enterprises in interstate commerce in the next two years.

Among other objectives, the draft legislation called for a ranking of the US in comparison with national blockchain strategies of other countries. The draft also underlined the need for a precise ascertainment of the jurisdiction and know-how of various federal agencies with regards to blockchain technologies.

Notably, the bill does not explicitly refer to cryptos or digital assets but restricts its focus on blockchain. Rep. Soto, co-sponsor of the week’s bill, had earlier suggested keeping cryptos under the supervision of the Commodities and Futures Trading Commission (CFTC) and FTC.


Private sector initiatives

Conflux Network launches a global DeFi project

Against the backdrop of increasing interest in decentralized finance (DeFi), Conflux Network, a blockchain firm in China has rolled out a worldwide DeFi project. Being a permissionless blockchain startup, Conflux Network has established a DeFi centered association tasked with the worldwide cooperation of key industry players.

The latest association, referred to as “Open DeFi,” intends to link Eastern and Western DeFi markets, bringing together China-based blockchain experts and worldwide DeFi firms to simplify trans-border market growth, innovation, and sustainability.

The alliance is backed by the government of China via the Shanghai Science and Technology Committee. Open DeFi consists of several industry players such as top Chinese DeFi covenant dForce. Other partakers include blockchain-centered venture capital company Sequoia Capital, DeBank, Antelope Holdings, Blockpower Capital, and MCDEX.

The members of the association will share their work, which is divided into three categories, namely new liquidity strategies, risk management, and incubation and innovation.

While members who are working in the risk management category intend to guarantee smart contract and economic security of DeFi services, institutional investors and crypto exchanges aim at creating unique pooling and trading techniques to improve liquidity. In the future, the association also intends to support fresh DeFi offerings and sign up new partners.


SBI Holdings and Osaka Prefecture looking to launch a blockchain-powered stock exchange

Japan’s leading financial institution SBI Holdings and blockchain-focused organization Osaka Prefecture intend to establish a blockchain-powered digital stock exchange. Yoshitaka Kitao, President and CEO of SBI Holdings, stated that the company plans to partner with Osaka Prefecture to set up an international financial hub.

The proposed global financial hub will be rolled out in Osaka and Kobe. SBI intends to roll out a digital stock exchange based on blockchain technology. The exchange is anticipated to lure global fintech firms and pave the way for the development of the financial hub.

Kitao stressed that the formation of the Osaka financial center is the final opportunity for the city to “gain the status of an international financial center.” The executive also stated that there is a requisite to develop new financial centers in Japan, contending that concentrating on Tokyo brings considerable risks. Kitao stated that SBI is prepared to play a leading role in transforming Osaka and Kobe as a worldwide financial center.

SBI Holdings, a well-known partner of Ripple, has made a name for itself as a top company adopting blockchain technology and also working on crypto-related advancements. SBI’s overseas exchange division officially rolled out CFD trading for cryptos such as Bitcoin (BTC), Ether (ETH), and XRP.



CoinMarketCap launching a crypto education platform

CoinMarketCap (CMC), which has been known as a trustworthy cryptocurrency market data provider since 2013, is venturing into cryptocurrency education in order to assist newcomers in gaining in-depth knowledge about cryptocurrencies and blockchain technology.

CoinMarketCap, which is owned by Binance, has issued the following statement regarding the venture into crypto education: “Cryptocurrency is no longer the niche interest that it once was, but neither is it completely mainstream — it’s somewhere in the middle.”

The website is making an attempt to capitalize on the large number of users it already has and spur “the cryptocurrency revolution” by “educating everyone that ends up on CMC about these emerging technologies. We are first trying to provide the educational building blocks that will help those new to the crypto space become more familiar with key concepts that many crypto enthusiasts already take for granted, ranging from the nitty-gritty of how Bitcoin transactions work, to more important considerations like how to keep your crypto safe.”

The educational platform is referred to as CMC Alexandria, which refers to the famous Library of Alexandria of the second century BC. The crypto library offers a glossary, works on fundamentals of cryptocurrency, papers on advanced blockchain and crypto-related topics, and a portion committed to decentralized finance (DeFi).

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins

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