Monacoin, a Japanese cryptocurrency, wasgoed attacked te May causing $90,000 te damages when a “selfish miner” who created their own chain after mining a block without broadcasting it to the network effectively voided previous transactions.
Cryptocurrency exchanges have bot flourishing ter Japan and there have bot numerous mergers and acquisitions by institutional financial companies that have led to innovation and improvements te the industry and the latest announcements of a Japanese Coinbase exchange and an SBI Group bank-backed exchange will add to the momentum.
Japan resumes it’s ascendance spil the land of the rising coin te the world of crypto, attracting one of the US’ largest exchanges, Coinbase, and another institutional Japanese financial giant, SBI Holdings, announcing the launch of their own exchange called VCTRADE.
Coinbase, which operates ter 32 countries, will appoint a former JP Morgan investment banker Nao Kitazawa spil CEO of the Japan branch. Coinbase is a US regulated, compliant crypto company that has served overheen 20 million customers. Coinbase will still need to secure a licence to expand te Japan from the country’s Financial Services Authority. Another Japanese financial powerhouse Mitsubishi UFJ Financial Group Inc is already invested te Coinbase to help fund its universal expansion and is a potential banking playmate if it is established there.
VCTRADE will be the very first bank-backed native crypto exchange that will only trade Ripple’s XRP te the initial phase, with plans to expand to the other major coins. SBI has ties with San Francisco-based Ripple and is counted by Ripple spil one of the users ter their integral network. The launch of VCTRADE wasgoed shoved back from its initial release date due to security concerns after the Coincheck hack.
SBI’s stock is traded on the Hong Kong Stock Exchange and it’s share price wasgoed up near Five procent from before the announcement. Meantime, XRP’s price kasstuk a high of close to $.70c but couldn’t pauze that level and has retraced back to around $.66c. The two announcements resound with reports of cryptocurrency uptake among the Japanese public, especially ter Bitcoin (BTC).
Source -Crypto Compare
Japan: Land of the rising coin
GMO Coin, a subsidiary of Tokyo Stock Exchange-listed GMO Internet Inc, has announced it will begin treating altcoins through its cryptocurrency lending service. Users of GMO Coin lend their cryptocurrency to the toneelpodium and receive rental fees according to the volume of cryptocurrency they lend. The service wasgoed originally launched te April, focusing exclusively on Bitcoin.
Ter May, Ethereum, Bitcoin Specie, Litecoin, and Ripple were added to the service. GMO Internet Group also concentrates on the mining business. According to its May cryptocurrency mining report, both Bitcoin mining volume and hash rate (measure of mining spectacle) enlargened ter April to 373BTC (+26% vs. March) and 241PH/s (+87% vs. March), respectively.
Besides SBI Group announcement, the GMO Internet Group and Monex Group – technicus of a leading online securities company – have also expanded into the cryptocurrency market ter Japan. Monex Group announced its project to acquire the Coincheck cryptocurrency exchange te April, which suffered major harm after the theft of $530m of NEM, and will restructure the company by making Coincheck a wholly-owned subsidiary. Te addition, Yahoo Japan acquired shares te cryptocurrency exchange BitArg Exchange Tokyo te April.
At Overeenstemming this year, Nomura Group, another listed Japanese financial service company, announced a snaak venture with crypto fund provider CoinShares and wallet solution Ledger to create Komainu, a total custodial service for institutional investors. Nomura Group, also an NYSE-listed company, offers broker services and both institutional and retail financial services across 30 countries te Asia.
Albeit the growth of Japan’s crypto services industry is outpacing other countries, reglamentario frameworks such spil tax laws and Initial Coin Suggesting (ICO) regulations have not yet bot fully developed, so attention is focused on the country to see how that develops.
Coin and exchange hacks
Japan has also become synonymous with crypto exchange hacks and currency theft, from the most world’s most legendary Mt Gox ter 2014 to the more latest Coincheck theft this year.
Monacoin, a Japanese cryptocurrency, wasgoed attacked te May causing $90,000 ter damages when a “selfish miner” who created their own chain after mining a block without broadcasting it to the network effectively voided previous transactions. User accounts were largely unharmed te the attack, but an overseas cryptocurrency exchange lost a significant amount of Monacoin deposits. While the possibility of a selfish mining attack had long bot a concern, such an open attack spil this wasgoed considered zonderling.
Security for coins using a proof-of-work (PoW) overeenstemming algorithm are determined by the size of their hash rate and miner dispersibility. Cryptocurrencies with low hash rates or a narrow dispersion of miners are expected to become targets for so-called 51% attacks, where a miner, or miners te muziekstuk, control the majority of the network’s hashrate. Monacoin uses GPU for mining, alongside many other cryptocurrencies and it may be the case that cryptos using GPU mining are always exposed to thesis larger threats.
Some time ago, Monero implemented a hard fork to prevent ASIC chip mining that would wipe out the GPU and CPU miners with their superior hashing power. However, this is also an admission to the vulnerabilities te GPU mining.
Ter April, the Japanese financial regulator (JFSA) asked exchanges to zekering trading Monero, along with all other privacy coins that suggest users anonymity, for fears they can circumvent the law. Binance, one of the world’s largest exchanges by volume, also recently announced they would stir headquarters from Japan to Malta after failing to obtain a license from the JFSA.