Swiss-based WCX marks a new era in financial trading as a platform that lets you trade stocks, foreign currencies, cryptos, and more using just bitcoin – no fiat required.
Started by ex-Apple engineers and launched in October, the platform has amassed over 130,000 traders and recently surpassed $1 billion in traded volume.
WCX Sees Significant Growth
WCX was founded by Amatsu Soyonobu and Tagawa Hayashida, who worked for Apple in software engineering and management capacities. Both were early Bitcoin adopters and first started dabbling with the cryptocurrency in 2012.
Frustrated by the lack of real world use cases for the digital currency, and utilizing their previous experience in quantitative trading, they left their Silicon Valley jobs and set out to create a service to let regular people access global markets using Bitcoin.
We spoke with WCX CEO Amatsu Soyonobu: “If you’ve used an online broker before, you know that you’re required to link a bank account or to somehow deposit fiat to start trading. And that you’re geographically bound. And there are tons of other limitations.”
But WCX is different, he says. “With WCX, what’s unique is that you just need BTC, which means you can access the markets from pretty much anywhere in the world. It makes everything so much easier and faster.”
That includes deposits, withdrawals, trading, and onboarding, Mr. Soyonobu stated. “WCX basically combines the speed and trading experience of a crypto exchange with the broad range of markets typically offered by your stock brokerage.”
That speed and trading experience is attracting thousands of traders from 189 countries, according to a company statement.
Bitcoin Means Lower Costs
The company charges 0% fees for deposits, withdrawals, and trades. Mr Soyonobu says that’s thanks to accepting Bitcoin only and shunning the fiat option, which is costlier. “Because we don’t have to rely on banks and accept just Bitcoin, we can cut costs that other exchanges and brokers have to deal with, and pass on those savings to our users in the form of 0 fees.”
“Just like using an open source tech stack drives your costs down as a software company, using open source payment processing, as in bitcoin, drives your costs down as a finance company.”
The company makes its revenue from the spread it quotes on the various markets it offers, which can be as low as 0.001% for highly liquid foreign currency markets.
“To us, bitcoin is a competitive advantage. Our costs across the board are inherently lower because the platform is powered entirely by Bitcoin,” Mr. Soyonobu says.
Using the WCX platform is pretty straightforward. Users can simply deposit Bitcoin and choose a market they’d like to trade. For instance, users can decide to trade cryptos, stocks like Tesla or Netflix, commodities like gold, and foreign currencies like Euro. The interface also displays real-time charts and a plethora of technical analysis indicators. Users can submit both long and short positions.
Bullish on Bitcoin
When it comes to Bitcoin itself, Mr. Soyonobu is quite bullish. “There is no doubt in my mind that the future of bitcoin is very bright. At WCX, we’re living it first hand every day. It will take a little time for everyone to get used to it, but we’ll get there.”
Mr. Soyonobu concluded: “We don’t touch dollars, euros, or banks because we think those belong to the past. Our goal, along with many others in the community, is to build a future powered by crypto, and I think we’re just getting started.”
Recruit’s funding division, RSP, announces investment partnership with COTI blockchain enterprise.
Recruit, a Japanese-based investment enterprise with a $50 billion market cap, announced that its next major blockchain investment will be in COTI. COTI is a revolutionary, block-less and miner-less blockchain designed to solve many of the scalability issues faced by cryptocurrency. Recruit has established a blockchain specific Blockchain Tech Fund in response to the growing number of opportunities within the blockchain space.
What is Recruit?
Recruit is an international investment leader offering a stake in all stages of business investment opportunities across a variety of tech industries. The company has a particular interest in blockchain, fintech, robotics, AI, and business application services. Companies including BitFlyer, Shift, Udacity, and 99Designs have benefited from strategic investment partnerships with Recruit.
Recruit created its Blockchain Tech Fund specifically to address the enormous potential of blockchain technology. To support the unprecedented expansion of blockchain-based technological advances, a high level of support from traditional investment partnerships and business models is necessary.
The Recruit Blockchain Tech Fund provides rapid funding of auspicious blockchain technology projects. RSP funding is available throughout all stages of project development, from seed round through growth and expansion.
The Blockchain Tech Fund uses token fundraising to support new business model development in its investment partnerships. This strategy effectively promotes blockchain business expansion as well as mainstream blockchain adoption.
Appeal of COTI
COTI, or Currency of the Internet, offers a unique and promising solution to a global issue using blockchain technology. This issue is scalability.
Regardless of technological advancements, traditional blockchain structures have proven incapable of scaling to meet the needs of a global market. This is particularly true as blockchain expansion continues to move into mainstream business fields.
COTI is based on a Directed Acyclic Graph [DAG] protocol. This structure eliminates both blocks and miners, drastically reducing size and energy expenditure. According to COTI’s website, the platform seeks to provide transaction services at a lower cost than even fiat payments.
Using COTI, organizations can build unique payment solutions. By digitizing a currency of choice, payers and payees can save time and reduce the significant cost of transaction services.
Further bolstering its security capabilities, COTI stores funds in offline, cold wallets, safe from hacking and cyber attack.
COTI and RSP
As COTI and Recruit move toward similar end-goals, promoting and developing the expansion of blockchain technology, both companies recognize the potential for widespread blockchain benefit.
Shahaf Bar-Geffen, COTI CEO, stated,
“We’re pleased to have made it on the radar of the RSP Blockchain Fund and its larger mission of making leading blockchain projects known to the world at large. This is a notable accomplishment for COTI and further anchors our belief in the enormous potential of the technology market in East Asia.”
Blockchain industry stands to see tremendous benefit from this partnership, as both parties seek to further the expansion and growth of blockchain throughout the traditional business enterprise.
Bitcoin SV [BSV], Tron [TRX] and Litecoin [LTC] surge as Bitcoin [BTC] approaches $9,000 mark
Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%
SEC’s harsh crypto regulations would drive innovation away from the US to Asia, says Fred Wilson
Bitcoin [BTC] will be vulnerable to quantum computing if we’re not prepared, says Andrew Poelstra
Bitcoin [BTC]: Binance’s CZ and Ryan Selkis try to predict BTC’s maximum value in the future
Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser
Tron [TRX] announces future trading on OKEx platform from May 20
Bitcoin’s [BTC] Lightning Network is awesome, says Blockstream’s Samson Mow
Crypto is replacing the US Dollar and no one seems to be noticing, claims prominent investor Robert Kiyosaki
Bitcoin Cash’s [BCH] Roger Ver adds Coinbase and Binance to his ‘safe list’
Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser
Satoshi Nakamoto is easy to get through; can be found by fools, claims John McAfee
XRP: Google Chrome extension to detect trustworthiness of select XRP addresses goes live
Basic Attention Token [BAT] gets Bitpanda boost as cryptocurrency rides development train