FXcoin Ltd., a crypto startup founded by Deutsche Bank AG veteran Tomoo Onishi has hired another alumnus of the German firm to provide insight on cryptocurrencies, business news outlet Bloomberg revealed on Monday, September 3.
The firm, which is aiming to gain regulatory approval from the government to exchange virtual currencies including Bitcoin, has hired Yasuo Matsuda as their new senior strategist. Matsuda was a foreign exchange dealer with Deutsche Bank AG from 2012 until June of this year. He will provide daily reports on the market, Onishi says.
FXcoin is just one of many firms to tap traditional brokerage industry talents for crypto. Onishi left his position as head of currency sales at Deutsche Bank last December and took in around 15 other bank professionals from firms such as Nomura Holdings Inc., Mitsubishi UFJ Financial Group Inc., and HSBC Holdings Plc.
The country’s regulatory watchdog, the Financial Services Agency, is currently looking at applications from several firms including FXcoin to operate as cryptocurrency exchanges under a licensing system introduced last year. The process comes in the wake of a devastating security breach that resulted in the loss of $500 Million in digital assets held by Coincheck in January of 2018.
In an interview with The Business Times, Onishi said that “We are trying to do all we can while we’re waiting for registration,” while declining further comment of the status of their application. He also revealed that FXcoin plans to hire five more people from other financial institutions after receiving FSA approval.
Onishi plans on providing his own insights and technical analysis on all things crypto each month, with further content from independent researcher and former colleague, Taisuke Tanaka. Tanaka is a former chief foreign-exchange strategist and head of Japan fixed-income research at Deutsche Bank and he will provide FXcoin with articles on digital tokens twice a month.
FXcoin wants to meet the demand of investors for reliable information on cryptocurrencies, Onishi states.
The CEO says that:
“Investors won’t be able to take action unless they know what happened in the market when they were asleep.”
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