On April 17, , one of the pioneer cryptocurrency exchange platforms in the world, has announced plans to withdraw from the Japanese market.
Established in 2016, with its headquarters in San Francisco, the crypto exchange platform is pulling out of Japan due to the rising cost of business. Kraken began operating in Japan in October 2014 and plans to leave the country in June 2018 although the platform did not rule out a possible return in the future. Kraken is currently in terms of trading volume.
In an emailed statement quoted by , the crypto exchange platform said that the decision to pull out of Japan would allow it to focus its resources in other regions better. The platform also went further to clarify that the decision only affects its localized services in Japan. Japanese citizens or businesses based outside of the country are not going to be affected by the move. The platform also operates in Canada, the EU, and the United States. It is one of the longest-running cryptocurrency exchange platforms in the world.
This news potentially brings to an end a period of considerably Japanese investments into the company. The platform has received millions of dollars of investment from Japanese investors and financiers. In 2016, Japanese venture capital firm, SBI, was a in a Series B funding round for the platform. The investment was targeted at rolling out bitcoin and ethereum trading services in Japan.
Crypto Trading Exodus from Japan?
This is the third cryptocurrency exchange platform that is announcing its plans to move away from the country in less than a month. , the world’s largest cryptocurrency exchange platform regarding trading volume announced that it would be expanding its services to . Not too long after that, , another platform operating in Japan announced that it also was moving to the tiny Mediterranean island.
Japan is considered a crypto-friendly nation with being recognized as a legal payment method within the country. Since 2017, the country has been establishing itself as the crypto hub of the Asian theater in the aftermath of far-reaching crypto regulatory/crackdown measures from China and South Korea. The country’s Financial Services Agency (FSA) has been issuing licenses to cryptocurrency exchange platforms in the country, thus enhancing the legitimacy of the Japanese crypto market.
However, in the wake of the January’s Coincheck hack which saw the theft of more than half a billion dollars in NEM tokens, the regulations in Japan have become stricter. The FSA has of a couple of exchange platforms and has clashed with others like Binance.
Rather than trying to stifle the market, the government claims to be trying to sanitize the market, strengthening the cybersecurity infrastructure on the ground to prevent another hack. There are reports that the government is working on a guideline that will create the framework for in the country.
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The gaming industry is one of the niches where the blockchain can introduce the biggest disruptive change. The online gaming industry is in need of something that can give it a new sense of credibility as well as a new way of proving its assertiveness.
is a new project that promises to bring a credibility environment to the online gaming industry. PROOF OF TOSS will implement a smart contract based ecosystem to provide greater trust and credibility to the industry. It will leverage the power of blockchain to protect each user from fraudulent activities and human errors, giving them full control over their funds.
What is PROOF OF TOSS?
PROOF OF TOSS is a brand new betting platform that is trying to introduce a decentralized ecosystem based on . The platform will enable users to bet on events by creating wagers, betting on events, and judge to compete for TOSS Tokens.
According to the project’s , PROOF OF TOSS is “Creating a smart ecosystem of honest and reliable betting with equal opportunities for everybody to win!”
The PROOF OF TOSS is using blockchain technology as well as the platform-internal Distributed Crowd Judging system to gain the best accuracy in determining and challenging the effect of a particular event. The main goal set by PROOF OF TOSS is to adapt the current the betting industry to all the current needs and to frame it in the new digital era. PROOF OF TOSS enables anyone to set their own wagers. As a result, all this may lead to the native tokens winning.
While the target audience is both the market operators and players, the project introduces a powerful and smart win-win solution for each party. There is also a big peculiarity about this project which is being able to service the already existing Bookmakers and all the other “players” of the betting industry. It is necessary to ensure a wise solution that can perform as a gateway to the world of the blockchain, cryptocurrencies and can act as the intersection between the betting industry and blockchain; PROOF OF TOSS is exactly that!
The Project’s Mission
PROOF OF TOSS mission is to create a fully functional ecosystem for smart betting, based on impregnable trust and reliability provided by smart contracts. The project strives to give equal opportunities to benefit from its ecosystem for users that are ready to implement their knowledge, skills, and intuition to create viral wagers, predict outcomes and determine winners. Moreover, the team is driven by strict business logics and made sure that PROOF OF TOSS is the most honest ecosystem for betting.
Apart from reliability and accountability, the team behind the project wanted the ecosystem to meet all the needs of its users. While analyzing the market, the team came to the conclusion that the most widespread function is given to betting only, though it understands that the betting industry has way more to offer. Thus, it designed three roles that can suit literally any user who is ready to put in a little bit of effort.
The development team has chosen RSK’s blockchain for its transactional speeds (400 transactions per second) Smart Contracts that will guarantee transparency and irreversibility of all the transactions, as well as its ties to ’s blockchain.
The Project Objectives and What PROOF OF TOSS is Bound to Offer
PROOF OF TOSS presents four main objectives and guidelines to which the project should be set for:
To improve betting in the new era,
Increase opportunities for people within the betting industry,
To develop an easy to use, technologically advanced tool,
Bring new users to the world of blockchain and cryptocurrencies.
According to the project’s developers the platform introduces a lot of advantages for the users. It will offer a full suite of advantages such:
Transparency for all transactions,
Control over personal funds with one wallet,
Various roles,
Irreversible transactions and high level of responsibility of all users,
Fair results,
No terminations of service,
Equal opportunity,
Pseudonymity,
High speed of transactions.
PROOF OF TOSS Token Sale
The company is launching a to help them gather the needed funding to jumpstart the development of the whole platform. The tokens are called TOSS tokens. The tokens will be used in the platform for placing bets and unlocking extra services and platform functions. In total, around one billion tokens are expected to be generated during the ICO. The number of TOSS token that can be generated is fixed. The minimum token emission, in case the hard cap is reached, will be 1,021,428,571 TOSS. The token sale for TOSS tokens is scheduled to take place in Q2 2018.
PROOF OF TOSS is a smart betting ecosystem being developed by a distributed team, based around the world. The TOSS ecosystem mission is to provide a better, more democratic betting system through a decentralized network. To learn all about PROOF OF TOSS, please visit the project’s official .
BTCManager does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as investment advice.
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