FX and Crypto Trading Platform Overbit Goes Live in Japan

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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, 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 Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term 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.

“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.