Deutsche Bank Veteran Says FXcoin to Go Live in May

Deutsche Bank Veteran Says FXcoin to Go Live in May

Deutsche Bank veteran Tomoo Onishi has announced that Japanese crypto exchange FXcoin will come on stream as of May 2020, with Onishi acting as CEO.  

He clarified in an interview that this is the time to expand in the crypto industry.

FXcoin was established in September 2017, with 1.52 billion yen in capital. It began to receive applications from prospective users that want to open an account before the introduction of the new services.

Commenting on the opening of the exchange, Onishi said:

“We are pleased to inform you that FXcoin Co. Ltd., has started its business and has begun accepting applications to open an account exclusively for physical transactions of cryptographic assets (virtual currencies). BTC’s spot trading service is scheduled to begin in May 2020.”

FXCoin, which is a member of Japan’s Cryptographic Asset Business Association (JCBA) seeks to develop a crypto market model and accelerate the adoption of cryptocurrencies in Japan and the whole world.

Onishi is optimistic about Bitcoin

In a recent interview with Bloomberg, Onishi expected an increase in the investment flow to BTC and other cryptocurrencies. He ascribed this to the stimulus initiatives introduced by central banks around the world in order to counter the current financial crisis.  

In the last few months, the crash of Bitcoin and the whole crypto market has brought the idea that BTC is a safe haven in times of crisis. However, Onishi said that there is no asset that is completely safe under such conditions, but he said that he is optimistic about the price of cryptocurrencies.

FXCoin’s CEO claimed that cryptocurrencies would move to a different place from the traditional market in the long term.

The market is supposed to get a boost from the coming halving and the flow of investments stirred by government stimulus plans.

BTC seen hitting $20,000 in next months

Cryptolydian earlier reported analysts as saying that BTC may hit $20,000 in the coming months.

In late 2019, crypto traders noticed similarities between the BTC performance in 2019 and that seen from 2017 to the end of 2018. During that period, there was a fakeout that failed to boost the upward trend. In addition, there was a downward triangle that broke down to push prices down.

Analyst Financial Survivalism was also more bullish on BTC, expecting the cryptocurrency to reach $20,000 in early July, citing strong technical factors and the imminent halving.

Think tank Fundstrat stated when the BTC breaks through its 200-day moving average, its average gain over six months will be 197%. Thus, it would move far above $20,000 by July or August.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.