Japan’s First Bank-Backed Crypto Exchange Launched by SBI
After a month-long delay, SBI Holdings, the Japanese financial giants have finally announced on Monday the launch of its in-house cryptocurrency exchange. The launch of the exchange was delayed due to some security concerns.
SBI Group, also known as Strategic Business Innovator Group, is a financial services company group situated in Tokyo, Japan. In the year 1999, SBI Group began as SoftBank Investment, as a Softbank subsidiary at that time. It is listed on the first section of the Osaka Securities Exchange and Tokyo Stock Exchange.
The company said in an announcement that at present, the service called VCTRADE is only available to those who pre-registered with the platform in October 2017. SBI expects the service to be open to other people in the July of next year.
Strategic Business Innovator added that at first the main focus of VCTARDE will be on the trading of XRP. XRP is the domestic token procured from the Ripple (XRP) protocol. The exchange will, later on, add support for coins such as Bitcoin (BTC) and Bitcoin Cash (BCH), although, so far no clear timeline has been defined regarding this.
SBI Holdings is currently working on steering the remittance technology given by the San Francisco-based Ripple that utilizes a distributed ledger to make cross-border payments. Therefore, the decision of SBI trading on the XRP doesn’t come as a surprise.
Strategic Business Innovator Holdings initially inaugurated its wholly-owned auxiliary – SBI Virtual Currencies – in October 2016 out of an offer to dispatch the nation’s first crypto exchange that is completely sponsored by a major financial institution.
In September 2017, registration with Japan’s Financial Services Agency (FSA) was completed by the platform. It was later announced in February 2018 that the launch would be delayed because of some security concerns in the midst of the Coincheck hack.
The new service comes just after SBI Virtual Currencies has cancelled a partnership in March with crypto trade Huobi that would utilize the latter’s financial and technological resources to launch VCTRADE.
Keeping in mind the potential that cryptocurrencies will have in the future, SBI takes a step further in fulfilling its aim of further growth and overseas expansion.