Ripple (XRP) Goes Live on VCTRADE
Ripple News

Ripple (XRP) Goes Live on VCTRADE

Ripple (XRP) has become the first tradable currency on Japan’s first ever, bank-backed cryptocurrency exchange, VCTRADE.

After delaying it due to security reasons for a month, the Japanese financial giants, SBI Holdings, have announced on Monday that they would be launching an in-house cryptocurrency exchange.

The exchange is now live to almost 20,000 customers who had pre-registered for the exchange’s launch. VCTRADE aims to make the platform open for the general public. However, as of now, the launch has been kept on a smaller scale to allow the team to fix errors and make the platform as bug-free as possible. This is done to ensure that the platform is highly stable when it reaches the mainstream.

VCTRADE would add Bitcoin (BTC) and Bitcoin Cash (BCH) soon. But considering Ripple (XRP) alone, it is already exposed to the 20,000 new customers on the exchange. Moreover, as the exchange grows in Japan, an estimated 3.5 million traders and investors would have another way to engage with XRP.

The owners of SBI Virtual Currencies, SBI Holdings, are a financial services bank. What this means for the cryptocurrency exchange is that it is backed by a real financial authority. This gives the exchange security and XRP, a boost—as the exchange expands.

XRP has responded positively to this news. At the time of writing the news article, the cryptocurrency is being traded at 0.667580 USD—up by 0.94 percent.

Since the market is seeing a downward trend with almost all of the cryptocurrencies, this slight upward trend is quite positive. Moreover, this has been the first time, in a fairly long time, that the cryptocurrency has started moving back up towards 0.70 USD.

The news is quite positive for the whole crypto-sphere in Japan in addition to being positive for XRP and SBI Holdings. As the exchange grows, it could potentially change the whole cryptocurrency exchange scene in Japan. It holds the potential of becoming one of the most prolific cryptocurrency exchanges in the world.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.