The Tokyo-based crypto exchange FXcoin is gearing up to launch a remittance pilot based on the crypto asset XRP.
Japan’s Financial Services Agency gave the company permission to offer trading services in December of last year, and FXcoin says it’s accepting new accounts as of April 23rd.
Along with Bitcoin (BTC), the exchange says it plans to add additional cryptocurrencies to its trading platform in the coming months. It’s also looking to create new products designed to bring more utility to the world of cryptocurrency.
One of its first test pilots is a domestic and international remittance product that uses XRP to power transactions. FXcoin senior strategist Yasuo Matsuda tells Cointelegraph Japan that it’s the first in a set of crypto-based initiatives in the world of finance.
“We will proceed with the demonstration experiment of domestic remittance and overseas remittance through XRP, and finally, global cash management, corporate finance and trade. We would like to expand the range of applications to fields such as finance.”
The company has not revealed whether it plans to utilize Ripple’s XRP-based cross-border product ODL.
As for its spot trading service, the company says it plays to officially launch Bitcoin trading in May.