INX Partners with GMO Trust to List Japanese Yen Stablecoin
- The exchange will initially list the stablecoin against the US dollar and Bitcoin.
INX Limited, which operates a regulated crypto exchange and a security token platform, announced its partnership with GMO-Z.com Trust Company (GMO Trust), a subsidiary of the Japanese conglomerate GMO Internet Group, on Tuesday.
Under the partnership agreements, INX Limited subsidiary, INX Digital will list regulated the Japanese yen-pegged stablecoin, GYEN for retail and institutional investors, along with the listing of the GMO Trust's USD-backed stablecoin, ZUSD.
Initially, the platform will list the two stablecoins against the US dollar and Bitcoin, but it has plans to introduce additional pairs in the future.
“INX is proud to partner with GMO, a global financial services powerhouse that is issuing financial-grade stablecoins,” said Shy Datika, the Founder and CEO at INX. “GMO has a very synergistic portfolio of businesses that directly aligns with our customer base, which we are ideally positioned to service on the digital asset side as a US regulated cryptocurrency platform.”
Bridging the Gap Between FX and Crypto
Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term trading markets execute around $6.6 trillion worth of trades daily, USD/JPY being the second most traded currency pair. According to Datika, the listing of the stablecoins will close the gap between the forex and cryptocurrency markets.
Additionally, unlike the traditional forex market, INX will allow the trading of stablecoins even on weekends.
“GMO's new stablecoins, including the first regulated Japanese yen stablecoin GYEN, demonstrate our firm belief that tier one institutional traders are ready to embrace innovative digital assets,” said Ken Nakamura, CEO of GMO Trust.
“We're thrilled to bring these stablecoins to INX's industry-leading exchange, which is built in accordance with top US regulatory standards. Traditional FX brokers are actively exploring 24/7 digital FX through the utilization of stablecoins. We're confident that the INX platform will attract the largest financial firms with its advantages in compliance, safety and technology.”
INX Limited, which operates a regulated crypto exchange and a security token platform, announced its partnership with GMO-Z.com Trust Company (GMO Trust), a subsidiary of the Japanese conglomerate GMO Internet Group, on Tuesday.
Under the partnership agreements, INX Limited subsidiary, INX Digital will list regulated the Japanese yen-pegged stablecoin, GYEN for retail and institutional investors, along with the listing of the GMO Trust's USD-backed stablecoin, ZUSD.
Initially, the platform will list the two stablecoins against the US dollar and Bitcoin, but it has plans to introduce additional pairs in the future.
“INX is proud to partner with GMO, a global financial services powerhouse that is issuing financial-grade stablecoins,” said Shy Datika, the Founder and CEO at INX. “GMO has a very synergistic portfolio of businesses that directly aligns with our customer base, which we are ideally positioned to service on the digital asset side as a US regulated cryptocurrency platform.”
Bridging the Gap Between FX and Crypto
Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term trading markets execute around $6.6 trillion worth of trades daily, USD/JPY being the second most traded currency pair. According to Datika, the listing of the stablecoins will close the gap between the forex and cryptocurrency markets.
Additionally, unlike the traditional forex market, INX will allow the trading of stablecoins even on weekends.
“GMO's new stablecoins, including the first regulated Japanese yen stablecoin GYEN, demonstrate our firm belief that tier one institutional traders are ready to embrace innovative digital assets,” said Ken Nakamura, CEO of GMO Trust.
“We're thrilled to bring these stablecoins to INX's industry-leading exchange, which is built in accordance with top US regulatory standards. Traditional FX brokers are actively exploring 24/7 digital FX through the utilization of stablecoins. We're confident that the INX platform will attract the largest financial firms with its advantages in compliance, safety and technology.”