SBI Launched First Bank-Backed Crypto Exchange
The service called VCTRADE is currently only available to clients that have pre-registered with the platform in October 2017, said the company in the announcement. The service is expected to be available for a wider audience in July 2018.
SBI also said that as a first step, VCTRADE will concentrate on XRP trading, the native token developed for the Ripple platform, after which the exchange will successively list bitcoin and bitcoin cash trading pairs, though when this will happen exactly still remains unclear at this moment.
SBI Holdings CEO and Executive Chairman Yoshitaka Kitao stated in an interview conducted by Ripple in August of 2017 that: “Not only does it have a clear use case, XRP is faster, cheaper and more scalable than any other digital asset.”
Kitao also added that he “strongly believe[s] it will become the global standard in digital currencies.”
The decision is possibly not entirely shocking seeing as SBI Holdings’ current works in testing Ripple’s remittance technology which employs a distributed ledger to make international payments.
SBI Virtual Currencies, SBI Holdings’ first wholly-owned subsidiary, was established in October 2016 in an attempt to introduce Japan’s first crypto exchange that is entirely backed up by a major financial organization.
The exchange then became registered with Japan’s Financial Services Agency (FSA) in September 2017 but then stated in February of this year that the launch would be delayed because of security issues that are related to the Coincheck hack.
The launch of this new service by SBI Virtual Currencies follows the cancellation of a partnership established in March with crypto exchange Huobi in which they would have made use of the latter’s capital and technologies to pilot VCTRADE.