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FXcoin and Sumitomo Corporation Experiment In Virtual Currency XRP Trading

FXcoin Co., Ltd. (Headquarters: Minato-ku, Tokyo, President: Tomoo Onishi, hereinafter: “Company”) and Sumitomo Corporation (hereinafter, “Sumitomo Corporation”) on November 27, 2020 announced that they have conducted a demonstration experiment to settle debts and credits between Sumitomo Corporation Group companies using crypto assets XRP (including future transactions of XRP). This is the first attempt in Japan to make a future transaction with a major operating company using crypto assets.

The outline of the demonstration experiment is as follows.

1. Sumitomo Corporation settles receivables and payables with group companies on a trial basis using XRP.

2. At the same time, Sumitomo Corporation will carry out a future transaction with FXcoin to hedge the price fluctuations of XRP, and FXcoin will sell the applicable XRP on a specific date.

According to FXcoin, Japan’s first future trading of a major operating company using virtual currency. In addition to Sumitomo Corporation, Sumitomo Corporation Global Metals Co., Ltd. and the SBI Group will also participate in the demonstration experiment.

FXcoin said:

It would work on a new mechanism that would allow companies to fix prices when sending virtual currency through the swap market as well as the foreign exchange market

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