Quantitative financier Amatsu Soyonobu, with co-worker Tagawa Hayashida, has come up with their own use case for Bitcoin, after the new CEO left his Silicon Valley job in search of achieving his goal to find a value case for Bitcoin outside its store value.
Soyonobu, an ex-Apple software manager, decided to take things into his own hands as an act of frustration against what he felt was a lack of real use applications for Bitcoin.
The two Japanese text experts have created WCX, a trading platform allowing for access to global financial markets simply using Bitcoin. Users can choose to go long or short on more than 100 markets, with all profits and losses paid out in Bitcoin. The idea of removing the need to use fiat on such trading markets has really excited the Japanese entrepreneur, particularly in the savings that can be offered to customers:
“There’s obviously something here. People love how easy and fast it is to trade using Bitcoin rather than non-programmable money like the dollar. We can offer 0% fees on deposits, withdrawals, and trades because we said no to fiat. We consider Bitcoin our competitive advantage.”
Since the company’s October launch, WCX has pulled in 125,000 traders for 189 countries with a notional trading volume in excess of USD 1 billion. Soyonobu offers almost instantaneous depositing and withdrawals but there are drawbacks which WCX are trying to overcome; the principal problem being the security of client funds. Soyonobu comments:
“Security is our top priority. We use the most tested and secure wallet architecture, which includes cold/hot wallet segregation. We keep 98% of customer funds in cold offline wallets, out of reach from attackers. Hot wallets are used to process withdrawals quickly. They’re protected with state of the art security and insured against theft.”
WCX is Swiss registered, hinting at its credibility due to Switzerland’s demanding screening process and adherence to the latest KYC laws.
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