On April 15, Japanese crypto exchange, Coincheck, opened up Ethereum (ETH) and Ripple (XRP) trading to institutional investors. Previously, the exchange only offered over-the-counter (OTC) trading of Bitcoin (BTC).
For Bitcoin, the minimum trading value is 20 BTC and the maximum is 225 BTC, while for Ethereum and Ripple the minimum trade values are 500 ETH and 250,000 XRP respectively.
Large scale customers can use the OTC trading facility to trade large volumes and avoid the volatility of the market and buy digital assets at a fixed price. Coincheck had previously said that they would add new digital assets from time to time.
Japan is well known as being one of the more progressive countries when it comes to cryptocurrencies and blockchain technology. The Japanese government recently made amendment to its Financial Instruments and Exchange and Fund Settlement Acts, changing the term virtual currency to “cryptographic assets.” This change came with a series of rules discouraging disingenuous behavior in the market.
Japan’s Rakuten, the country’s e-commerce giant, has also been approved as a virtual currency exchange, and recently began operations. Developments such as these are perhaps what has Ripple-backers SBI and Japanese citizens hopeful about crypto.
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