Deutsche Bank Vet Bullish on Crypto, Launching Bitcoin Trading Desk in May
Deutsche Bank has long been bullish on crypto assets like Bitcoin, and the culture has spilled over into the company’s executives.
One of the bank’s veterans and former FX Japan Managing Director is even launching a crypto trading desk of his own, set to launch this coming May 2020 – right when Bitcoin’s halving is expected to drive significant interest in the asset class.
Deutsche Bank Alum Launching Bitcoin Trading Desk FXcoin This Coming May
There’s no denying that crypto assets like Bitcoin, Ethereum, Ripple, and more, are high risk, high reward assets. But their future and potential are so promising, its difficult not to be bullish on the digital currencies and at least consider them as part of a well-diversified portfolio.
That’s exactly Tomoo Onishi’s ticket to driving success in his up and coming Bitcoin trading desk, named FXcoin LTD., which the former Deutsche Bank Managing Director is launching this May.
In an interview with Bloomberg, Onishi agreed that while there is “no asset that’s absolutely safe” from the recent recession and coronavirus related market chaos, he asserts that he is a “bull on virtual currency prices,” which he expects to rise in the coming months. The launch of his platform will coincide with what could bring more interest to the cryptocurrency space since Bitcoin’s 2017 bubble: the upcoming block reward halving.
Onishi envisions a scenario where stimulus packages flood the economy with excess cash, and some of it makes its way into crypto assets like Bitcoin.
And with Bitcoin’s halving less than three weeks away, there’s an additional catalyst ready to help push prices higher, further inciting FOMO from investors sidelined with cash burning holes in their pockets.
New Japanese Crypto Exchange Could Bring a Resurgence of Interest in Region
FXcoin is backed by giant SBI Holdings Inc, a Japanese conglomerate with a stake in the crypto space and is one of just 23 entities registered with Japan’s Financial Services Authority.
Japan was once a hotbed for cryptocurrency exchanges, but a series of high-profile hacks in 2018 has led to a decline in interest in the country. The hacks promoted Japanese FSA to tight up restrictions in the region, which prompted some exchanges to close up shop. Others were issued with fines until the industry shaped up.
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Much of it was prompted from just one, historic cryptocurrency exchange hack. The cryptocurrency platform CoinCheck was breached, and hackers made off with over $500 million worth of cryptocurrency tokens.
The hack was a major blow to the industry and set the space back years in Japan. It’s only now, as more companies like FXcoin open their doors that the industry in that region will begin to turn around.
Featured image from Pixabay