Japan VCTRADE Crypto Exchange SBI Holdings 4 Jun 2018
Japanese financial institution SBI Holdings announced the official launch of its bank-backed Crypto Exchange VCTRADE. The banking giant has been preparing for this event for a long time due to the security concerns.
4 June, AtoZ Markets – SBI Holdings, the Japanese financial giant, has made a public announcement, stating that its in-house digital currency exchange is finally active. The organization has been preparing for the launch for months, making sure that all the necessary security measures are in place.
The SBI Holdings has named the crypto exchange VCTRADE. The service is presently available only for users that have pre-registration with the platform that took place back in October 2017. According to the official announcement from the company, it anticipates the service to be open for public use as soon as in July this year.
Moreover, SBI has stated that the VCTRADE will be concentrating on the trading of XRP as a first step. XRP is a native token of Ripple digital currency. Then, the exchange will provide more support for Bitcoin and Bitcoin Cash. Yet, the initial plan for this is still uncertain.
Such move is not surprising, according to the market experts. They take into consideration the fact the SBI Holdings is testing the remittance technology that is provided by the San Francisco-based Ripple. The latter is utilizing a distributed ledger in order to carry out cross-border transactions.
Japanese SBI Holdings has set up its wholly-owned subsidiary, the SBI Virtual Currencies, back in October 2016. This decision was taken in an attempt to launch the country’s first digital currency exchange that has support from a major financial institution.
The SBI Virtual Currencies has then finished the business registration with Japanese financial regulator, Financial Services Agency (FSA) in September 2017. However, in February 2018, the platform has stated that the launch would be delayed due to the security concerns related to the Coincheck hack attack.
The new service appears following the case when SBI Virtual Currencies has annulled a partnership with cryptocurrency exchange Huobi.
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