- FXCoin set to launch a crypto based remittance solution
- Partners with financial institutions like SBI holdings to build this product
A crypto exchange firm based in Japan, FXCoin, has agreed to develop a remittance solution that would not be affected by the raging volatility of the market.
FXCoin entered into a partnership with several financial institutions, which include SBI Holdings to develop the crypto product. SBI Holdings currently backs the crypto exchange firm, and it participated in the share of its third-party allotment.
The crypto exchange firm was established in 2018 but it was not until December 2019 that it got licensed to offer crypto trading services. The firm got its license from the Financial Services Agency (FSA) of Japan.
While the firm began accepting Bitcoin accounts in April of this year, its recent product, XRP, is its flagship product. The firm built a remittance solution that would aim to properly maximise the utility open to crypto assets.
Reports indicate that the remittance solution product would be launched at a yet to be announced date in this month.
The solution would enable the users of the crypto exchange firm to avoid running into losses caused by the market volatility by allowing them to calculate their transaction costs. The remittance solution is targeted at Japanese firms that carry out transactions on the global scale.
FXCoins foray into the remittance market could spark a renewed interest in the sector
FXCoin’s recent foray into the crypto remittance solution market could ignite a new wave of interest in the sector.
Presently, the demand for the sector has grown rapidly. The sector could experience more growth if FXCoin’s recent product or that of its competitors becomes widely accepted and embraced by market players.
SBI is currently using a technology provided by Ripple to power its own remittance platform it calls SBI Remit. This platform is for Thai nationals who are based in Japan.
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