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.
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
FXcoin Co., Ltd. announced on the 30th that it will start a demonstration experiment using the virtual currency XRP for settlement of claims and debts between Sumitomo Corporation group companies
— 𝗕𝗮𝗻𝗸 𝑿𝑹𝑷 (@BankXRP) November 30, 2020