Japan-based crypto exchange bitFlyer has announced the addition of XRP leveraged trading on its bitFlyer Crypto CFD platform.
In the announcement, the exchange noted that XRP leveraged trading will go live soon. It will allow traders to take advantage of XRP price movements with up to 2x leverage. This provides greater capital efficiency and the ability to profit from both rising and falling markets.
According to the announcement, this addition is part of bitFlyer’s strategy to expand and diversify its product offerings, providing more opportunities for customers to engage in the crypto market.
XRP on bitFlyer Crypto CFD
Notably, bitFlyer’s Crypto CFD platform enables users to trade with leverage by depositing margin and then speculating on crypto price movements without owning the underlying asset. This product enables up to 2x leverage, allowing for efficient capital usage.
Additionally, the ability to take short positions means traders can profit even when prices decline. Previously, bitFlyer supported BTC-CFD/JPY trading. Now, it is expanding its offerings with XRP-CFD/JPY and ETH-CFD/JPY pairs.
The exchange is proud to have held Japan’s No. 1 Bitcoin trading volume for nine consecutive years. It aims to strengthen its position in crypto derivatives by offering traders a fee-free trading experience. However, additional leverage points and funding rates will be charged separately.
Rising Interest in XRP in the Japanese Market
The move to add XRP to the leveraged trading platform aligns with the growing interest in XRP in the Japanese crypto market.
The Crypto Basic reported two weeks ago that Japanese energy company Remixpoint purchased XRP and Dogecoin worth $3.9 million as part of its strategy to enter the crypto market.
The company now holds $2.63 million in XRP and $1.31 million in Dogecoin. Accordingly, its total crypto holdings reached $59.1 million, a significant increase from March 2024, when it was just $446,500.
In December, GAM Investments proposed an XRP buyback program to SBI Holdings. The proposal suggests that SBI use its cash flow to buy back XRP from the market. GAM believes this would unlock significant shareholder value and better reflect SBI’s true net asset value, estimated at JPY 3.9 trillion.
Meanwhile, in 2023, SBI Remit launched a remittance service that uses XRP for countries like Vietnam and the Philippines. The initiative aims to reduce costs and improve scalability, with plans to expand to more countries and transaction types.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
