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Homepage / News June 4, 2018 32 views

SBI Launches Japan&#039s 1st Bank-Backed Crypto Exchange

SBI Launches Japan&#039s 1st Bank-Backed Crypto Exchange

Japanese financial giant SBI Holdings announced on Monday that its in-house cryptocurrency exchange is now live, right after a months-extended delay due to safety concerns.

Known as VCTRADE, the service is at the moment only open for users who have pre-registered with the platform in October 2017, the organization stated in the&nbspannouncement and expects it to be accessible for a wider public in July of this year.

In addition, SBI stated as a first step, VCTRADE will focus on the trading of XRP, the native token derived from the Ripple protocol, right after which the exchange will sequentially add supports for bitcoin and bitcoin cash, although an initial timeline for that remains unclear at this stage.

The decision is possibly not completely surprising provided SBI Holdings’ existing works in piloting the remittance technology offered by the San Francisco-primarily based Ripple that uses a distributed ledger to&nbspmake cross-border transactions.

SBI Holdings first established&nbspits wholly-owned subsidiary – SBI Virtual Currencies – in October 2016 in a bid to launch the country’s first crypto exchange that is completely backed by a significant monetary institution.

The platform later completed company registration with Japan’s Economic Services Agency (FSA) in September 2017 but announced in February of this year that the opening would be delayed due to safety issues amid the Coincheck hack.

The new service also comes soon after SBI Virtual Currencies has canceled a partnership in March with crypto exchange Huobi that would use the latter’s financial and technological resources to launch VCTRADE.

Japanese yen image by way of Shutterstock

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Published at Mon, 04 Jun 2018 03:21:44 +0000

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