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Asian Markets Have a Growing “Appetite” for Ripple, Dan Morgan Says

Ripple Inc continues to focus on expanding its services and penetrating new markets. Having conquered many customers throughout America and Europe, Asia seems to be the company’s last strategic point of interest.

Asia is a complex market for many companies, even more so if they provide services such as Ripple’s that are still viewed with some skepticism by regulators. China, for example, has manifested an anti-crypto policy in spite of being one of the leading OTC Bitcoin trading markets.

Previously, Crypto Crimson reported that after a series of negotiations, Ripple achieved its milestone of establishing itself in China, and did so in a big way: Thanks to a partnership with LianLian Group and American Express, this company will allow the processing of credit card payments in a proprietary network contrary to the traditional system which used government-run network.

On Friday (30 November 2018), at the CryptoCompare & MJAC London Blockchain Summit, Dan Moran, Ripple’s Head of Regulatory Relations for Europe spoke not about Ripple’s interest in Asia, he showed the other side of the coin. For Ripple it is now increasingly evident that the Asian market is interested in technological solutions such as those provided by them:

“It’s very early days, but we see the biggest appetite in Asian markets, in terms of demand, so remittance demand, whether it is corridors that are under-served because correspondence banking is too costly… So, we feel that there is demand.”

Dan Moran, at the CryptoCompare & MJAC London Blockchain Summit,

For Mr. Morgan, Ripple can be instrumental in providing liquidity solutions that optimize the operation of markets. Until now, solutions such as xRapid and even transaction processing using XRP cryptocurrency have been increasingly adopted by the Asian market:

“Liquidity, in terms of digital assets, most liquidity we have… is in Asian markets by some distance.”

He also commented that Asian markets need to have greater clarity regarding the legislation that regulates not only the markets for cryptocurrencies but also blockchain technologies. He also mentioned that Thailand is one of the key countries for the expansion of Ripple in the Asian continent:

Again, we see a number of pockets around Asia where they are further ahead that we are here… Thailand, I talked about. Obviously, Japan is another place …
So, you are absolutely right, it is Asia. I wouldn’t want to pin down exact markets… In Thailand, for instance, with that regulation, I think Siam Commercial Bank… is really active now in terms of settlements, digital assets activity.”

The post Asian Markets Have a Growing “Appetite” for Ripple, Dan Morgan Says appeared first on Ethereum World News.

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Canada’s Coinsquare Exchange To Make Foray Into Asia

Coinsquare, a premier Canadian cryptocurrency exchange, has just announced plans to make expansions into Japan, with this move being made in collaboration with a global blockchain firm.

To make this foray into the Asian market a success, Coinsquare is joining hands with DLTa21 in a strategic partnership, which will see the two engage in collaborative efforts to ensure all goes well. For the uninitiated, DLTa21 is a “global blockchain investment bank” that has offices around the world, including in Canada and Japan.

DLTa21’s expertise in the Japanese and worldwide markets will aid Coinsquare’s aspirations to open a centralized cryptocurrency exchange based in Japan. The Canadian exchange will offer infrastructure for the proposed exchange, while DLTa21 will work with Japanese regulators to ensure the new exchange will be legitimate in the eyes of the law.

Cole Diamond, CEO of Coinsquare, gave a statement complimenting the announcement. Diamond said:

Working with a world-leading investment firm like DLTA 21 to bring a safe, secure, easy digital currency buying and trading experience to Japan is a thrilling next step in Coinsquare’s mission.

Japanese Regulatory Worries

Japan has long been held as a Bitcoin ‘capital’ if you will, hosting many great cryptocurrency experts, innovators and most importantly, investors. However, due to exchange security breaches, like the Mt.Gox and CoinCheck hacks, lawmakers have begun lay heavy hands on the exchanges based on Japan. 

The Japanese Financial Services Agency (FSA) recently announced a series of rules, namely the ban of privacy-based cryptocurrencies trading, with this rule affecting the Monero, ZCash, and Dash cryptocurrencies.

The FSA also imposed new KYC/AML requirements and a mandatory need for cold wallet solutions, ensuring that all consumer funds are kept in control of an exchange. The latter rule was deemed necessary after the Tokyo-based CoinCheck exchange lost over $500 million in NEM tokens due to wallet mismanagement. It was revealed that CoinCheck was using internet-accesible hot wallets, allowing for malicious actors to remotely access the over $500 million in funds.

Coinsquare’s Japanese exchange will be suspect to the regulatory requirements as well, as DLTa21 will be working around the clock to receive regulatory approval for the Coinsquare/DLTa21 exchange. Despite harsh regulation, Coinsquare’s CEO expects for this move into Japan to be a sucess, adding that “Japan is a unique market and we’re looking forward to offering our platform’s capabilities to the Japanese market.”

Coinsquare To Go Public With September IPO

This expansion plan comes amidst Coinsquare’s efforts to take the company to a public stage, applying to offer its shares on Canada’s foremost stock exchange. However, Coinsquare noted that it plans to hold an initial public offering (IPO) prior to the Toronto Stock Exchange listing, hoping to raise upwards of $120 million in funds.

The firm pointed out that the capital raised through the IPO and sale of shares would be used to further expansion into new markets, as Diamond pointed out that the U.S. and U.K. markets are currently on Coinsquare’s radar.

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