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Asian Altcoin Trading Roundup: Top Cryptocurrency is Nano

FOMO Moments

The markets have continued correcting during the Asian trading session this morning. Bitcoin continues with its slow sell off but the some of the altcoins seem to be accelerating downwards at a faster rate. BTC seems to have found support at $10,500 and has headed upwards slightly however it is still down around 2% on the day. Most altcoins are also down except one which is pretty rampant right now, and that is Nano.

Nano is the rebranded version of RaiBlocks and according to Coinmarketcap it is trading 26% higher on the day. From a low of just under $7 yesterday NANO (previously XRB) is nudging towards $10 today with a spurt that started a couple of hours ago. It had been down trending all week from a high of $10.02 until today when it has spiked back up to $9.05. RaiBlocks had a great run in early January peaking at $36, like most altcoins that were pumped during this period it has fallen back heavily.

Nano touts itself as a ‘block lattice’ based network offering zero fee digital currency transactions. This makes micropayments more viable as there are no fees and transactions are instant. The fomo spike today has come on the announcement that the Nano wallet for Android is now in Beta on Google Play. An iOS version is in the pipeline.

Nano has a market capacity of $1.2 billion with Binance taking over 90% of the trade volume. In the past 24 hours $82 million has been traded and there are 133 million tokens in total with all of them in circulation. Nano is currently ranked at number 24 in the market cap charts.

Other altcoins showing positive price action this morning in Asia are Monero, up 8%, and Zcash. Outside of the top 25 Populous, Dent and Polymath are also doing well when most others are falling.

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SBI Remit is Using the Blockchain to Make Money Transfers Between Japan and Africa

SBI Remit, a Japanese money transfer company, is teaming up with a venture-backed firm to use its new treasury management service that uses the blockchain for increased transparency and liquidity to small and medium-sized businesses operating between Japan and Africa. SBI Remit and BitPesa The service is provided by BitPesa, which has raised $10 million to turn the Bitcoin blockchain into an enterprise payment rail. Normally, consumers moving money from Japan to Africa have to rely on banks and other middlemen to make their transactions, first exchanging yen into U.S. dollars or euros, then into African currencies. BitPesa, on the other hand, uses a combination of the Bitcoin blockchain and other services to create new currency pairs which greatly simplify the process. The partnership follows a path already laid out by BitPesa, and specifically targets cosmetics companies, electronics companies, and the lucrative used car market between Japan and Africa. It enables direct currency pairs between Japanese yen and the fiat currencies of Ghana, Kenya, Morocco, Nigeria, Senegal, Tanzania, Uganda, and the Democratic Republic of Congo, according to Forbes. Generally speaking, by embracing the decentralized nature of the blockchain BitPesa illustrates how useful Bitcoin is for real world applications. Not only does this system permit remittances to be completed in less than an hour — thanks to the blockchain’s fast settlement times — it will also help jump start African commerce with Japan on a larger scale by adding a much-needed layer of trust and transparency, according to Nobuo Ando, SBI Remit director. “Many companies are doing trade with African countries and they are suffering from the high cost and the slow speed and not very precise administration,” said Ando. “So this is the market that we would like to go in, together with Bitpesa.” Moving Funds from Asia to Africa Historically, individuals and businesses conducting trade between Japan and the countries BitPesa serves had to move Japanese yen through multiple correspondent banks. As noted, along the way the yen was frequently converted to more liquid intermediary currencies like the U.S. dollar or the euro, which added lofty fees each step of the way. According to World Bank estimates, the average remittance fees for this process can reach 7%, but the real cost is often much higher. It can also take several days to complete. By removing these correspondent banks and secondary currency exchanges from the process, BitPesa is able to provide similar services almost instantly for less than 3% of the total transaction. To avoid fluctuations in the price of both fiat currency and Bitcoin, Elizabeth Rossiello, BitPesa founder, said her company’s treasury services are designed to insulate their customers from risk on either side: “If it makes sense for us to settle using cryptocurrency or fiat currencies then we do,” Rossiello said. “And in this case, we’re happy that SBI feels the same way, so we’re open to using digital or fiat currencies to settle between us.” Looking ahead, the remittances market in sub-Saharan Africa it is expected to grow 7% this year to $41 billion. Although this number is just a fraction of the worldwide remittance market as a whole, with relatively little competition for African business Rossiello is confident her company can use the lower costs of the Bitcoin blockchain to help catalyze commerce between Africa and the rest of the world. Rossiello, who is among the earliest founders of a Bitcoin company established BitPesa in 2013 when the cryptocurrency was trading between around $100 and $1,000. As of today, Bitcoin is trading at over $6,600. Featured image from Shutterstock. The post SBI Remit is Using the Blockchain to Make Money Transfers Between Japan and Africa appeared first on NewsBTC.

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