Overbit.com (Overbit), a cryptocurrency and foreign exchange trading platform, announced this Tuesday that it is now live and allows users to buy and sell cryptocurrencies, currencies, global indices, gold, and silver.
According to the statement, Overbit is the first platform in Japan to facilitate the trading of both cryptocurrencies and foreign exchange, by using Bitcoin as the underlying asset.
Overbit, which has been in development since 2017, officially went live on the 18th of February this year. The aim of the platform is to increase the liquidity of cryptocurrencies, which in turn will attract new traders to the sector.
At present, customers of the platform can buy and sell cryptocurrencies, with more financial products to be added in the future, the statement said. In addition, for a limited time, users of Overbit will receive 0.01 Bitcoin that can be used as margin and after a few trades, the balance can be withdrawn.
“Overbit is one of the world’s most secure trading platforms. Overbit operates multi-signature cold wallets that require for any withdrawal, signatures from individuals in different countries,” the statement said.
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“Client Bitcoin is always segregated, protected, and never stored in hot wallets. For added protection, engineers and security personnel working at Overbit are prohibited from revealing their identities on social media platforms.”
Overbit Platform Launches During an Uncertain Time for Crypto
The launch of the cryptocurrency platform comes at a tough time for the industry, as the value of digital currencies has been dragged down thanks to a persistent bear market. Not only that, but cryptocurrency mining hardware manufacturing is also down in the country.
As Finance Magnates previously reported, GMO Internet, an IT giant in Japan, has shut down its cryptocurrency hardware manufacturing operations. However, the company clarified that it is not completely exiting the industry and it will continue its crypto mining operations.
In order to achieve this, the Japanese company is planning to move its mining operation to a location with cheap electricity cost so it can reduce its expenses and make a profit.
Only a week later, reports surfaced that e-commerce giant DMM.com was closing down its mining business in Kanazawa, Japan but it will continue to operate its cryptocurrency exchange.
However, this doesn’t mean that cryptocurrency interest is waning in the industry. In fact, towards the end of last year, the Financial Services Agency (FSA) actually revealed that demand for access to Japan’s cryptocurrency market is on the rise, with more than 190 cryptocurrency firms currently trying to enter the Japanese crypto space.