SBI Launches Its Own Cryptocurrency Exchange

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The Japan-based financial giant SBI Holdings announced that it launches its own cryptocurrency exchange, which has been delayed due to security concerns, reported Coindesk on June 4.

This announcement makes SBI’ cryptocurrency trading platform the first ever in Japan to be backed by a financial institution.

The crypto exchange called VCTRADE is now open only for users that haveĀ been pre-registering with the platform in last October but SBI expressed it will be open for a wider public near July 2018.

SBI mentioned that it will first focus on the trading of the native token derived from the Ripple protocol, XRP and that it will support other cryptocurrencies in a near future including bitcoin and bitcoin cash. However, there is no specific timeline concerning these new additions.

This decision is not surprising since SBI Holdings’ existing is used in piloting the remittance technology provided by Ripple, which uses a distributed ledger for cross-border payments.

Near the end of May, the mobile banking app Revolut announced that it will add Ripple and Bitcoin Cash to its cryptocurrency payment options.

 

 

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