Just recently, two majors from the financial services industry and the cryptocurrency sector have made a pleasant announcement. The major from the financial services industry in Japan is the SBI Group. On the other hand, the major from the cryptocurrency industry is a prominent cryptocurrency exchange known as FXCoin.
Both companies have recently joined hands and announced that they will be focusing on providing their users with an innovative crypto-finance solution.
The project will be based on a crypto-asset remittance solution that will be resistant to price volatility.
The crypto-reporting firm ‘Nikkei’ based in Japan recently shared the details of the new project launched by the companies. It reported that the FXCoin exchange will be launching its pilot phase to test the functionality of the platform.
The project will be monitored and backed by the Ripple (XRP) that are currently in partnership with the SBI Group. In addition to Ripple (XRP), there will be more firms that will be backing up the pilot phase but their names are yet to be disclosed.
The main objective of the pilot phase is to ensure that the prices of the cryptocurrencies and crypto-assets are calculated swiftly. Doing so will ensure that the people sending the funds and recipients do not lose out on money during remittance transactions.
This will ensure that no one gets the amount lower or higher than they had initiated the transaction for.
Both the companies have revealed that there are currently large number of companies that are interested in this project. These companies want to adopt the crypto-technology for settlements and remittances.
However, majority of these companies are afraid to step up due to one big problem that crypto-industry currently faces. That problem is the volatility risk that is involved while transacting through crypto-markets.
Nikkei also stated it would be really beneficial for the crypto-industry if the pilot is successful and the platform is successfully launched. With the addition of this platform, the volume of investment companies and individual investors in the cryptocurrency industry will see a significant increase.