A Japanese cryptocurrency startup, FXcoin Ltd., has hired Yasuo Matsuda, an FX dealer at Deutsche Bank, to analyse the cryptocurrency market. The analysis will include daily reports on the top cryptocurrencies, while FXcoin will also provide general research on cryptocurrencies.
The CEO of FXcoin Ltd, Tomoo Onishi, also a former Deustche Bank employee, has recruited another 15 traders, strategists and professionals from top banks such as HSBC and Nomura, after quitting his position at the bank last December as head of the currency sales desk.
FXcoin however, is one of many crypto startups waiting on registration from the Japanese Financial Sevices Agency (FSA): According to a report from the FSA, 160 cryptocurrency exchanges are seeking to operate in Japan.
In a recent interview CEO Tomoo Onishi declined to comment on the progress with FXcoins FSA application, remarking however that:
We are trying to do all we can while we’re waiting for registration,
Independent Research For a 24/7 Market
Onishi’s firm will publish technical analysis and commentary on several cryptocurrencies every month, with help from Taisuke Tanaka, an independent researcher and another former Deutsche Bank employee – where he was chief FX strategist and head of Japanese fixed-income research.
FXcoin is looking to provide clients with dependable research – bringing the same depth and quality that clients are accustomed to in the FX industry. However, unlike FX markets, the cryptocurrency markets are open 24-hours a day, seven days a week, all year round – a feature Omnishi believes is significant:
Investors won’t be able to take action unless they know what happened in the market when they were asleep.,
