Japan’s SBI Crypto Exchange Adds Two Major Cryptocurrencies
Two major cryptocurrencies were added by Japan’s SBI Virtual Currencies in addition to the one trading pair that its crypto exchange service, Vctrade, launched with. BTC, BCH, and XRP can now be traded against the Japanese Yen by the users who pre-registered prior to the launch.
SBI Virtual Currencies are a cryptocurrency branch of one of Japan’s largest financial services groups.
Users can start trading BTC/JPY using the exchange’s Vctrade service starting Monday, June 18. This is in addition to the BCH/JPY trading that the exchange started earlier on June 8.
SBI Virtual Currencies is one of the 16 government-approved crypto exchanges in Japan. The company launched the VCTRADE crypto exchange service on June 4 with just the XRP/JPY trading pair. Currently, the service is only available to a limited number of users who pre-registered; the full launch is expected next month. With Monday’s announcement, the exchange now offers three trading pairs: BCH/JPY, BTC/JPY, and XRP/JPY.
For all three cryptocurrencies, customers can trade between 500 yen (~US$5.5) and 5 million yen (~$45,261). Alternatively, they can place their orders in cryptocurrencies of between 0.0001 and 40 BCH, 0.0001 and 5 BTC, or 10 and 70,000 XRP.
According to local media, SBI Group said at the company’s third-quarter earnings press conference that there is a possibility of adding ether (ETH) in the future. However, the company also indicated that it would not support smaller cryptocurrencies, Impress Corporation conveyed.
To gain market share in the crypto space, SBI Group plans to convert users from its existing securities business, which the group says is already the largest in Japan. SBI Securities “is number one in the share of individual stock trading value, number of accounts, deposits, and profitability,” the group wrote. SBI Securities currently has approximately 4.17 million accounts.
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