New Users Now Accepted by SBI Virtual Currencies

New Users Now Accepted by SBI Virtual Currencies

The premiere banking consortium of Japan, SBI Group, had announced the launch of a virtual currencies platform in June 2018. Named as SBI Virtual Currencies [SBIVC], the platform has started accepting new users starting today.

The exchange was initially launched exclusively with XRP(XRP) but later the exchange added Bitcoin (BTC) and Bitcoin Cash (BCH) pairs with Japanese Yen. The launch of the exchange initially represented one of the biggest pro-XRP financial institutions moving into the cryptocurrency space. Following the launch, Yoshitaka Kitao, the President and CEO of SBI Group, stated:

“XRP is faster, cheaper and more scalable than any other digital asset. I strongly believe it will become the global standard in digital currencies.”

As per the reports, the exchange conducted a trial run of sorts with 20,000 customers who applied for advance reservation account opening. This was done for stress testing purposes and also to ensure that the exchange could sustain a load for an extended period of time.

About SBI Virtual Currencies (SBIVC)

SBI Virtual Currencies is one of the 16 government-approved crypto exchanges in Japan. SBI Virtual Currencies (SBIVC) provides virtual currency exchange and trading services, and the service is called as “VCTRADE”. The company launched the Vctrade cryptocurrency exchange service on 4th June with exclusively the XRP/JPY trading pair.

The platform was officially launched by the President and CEO of SBI Group, Yoshitaka Kitao.

New account registration procedure

The new account registrations have been opened to the public. The SBIVC website provides details on how to open a new account for trading on the platform.

The website provides a step-by-step process of how to open an account on the site. The process comprises 3 steps. The user first needs to register using email (on a provisional basis), and then submit documents for verification, culminating in a “postcard” sent by SBI to the address of the user. This will also contain the transaction password that is necessary for trading.

Step 1: First step is email registration and verification. It also includes the first-time set up of the password for the SBIVC platform. The user is then required to read “six very important documents” prepared by the exchange.

Step 2: Then the user has to submit documents for verification of the users’ identity. The documents that can be submitted are a driver’s license, passport, the citizen’s Individual Number or ‘My Number’ card and health insurance cards.

Step 3: The company will then send a postcard to the registered address offered by the user. The registration step will then be completed.

The official statement by SBI says:

“Thank you very much for giving us your expectations for the start of service by many customers. Starting accepting applications for opening new accounts of our virtual currency exchange service [VCTRADE] from today.”

The conditions for the creation of the account is that the user has to be 20 to 70 years of age, and must be a resident of Japan. The statement clearly highlights the fact that applications for establishing corporate customer accounts are “not currently accepted”. The Exchange might accept these applications in future.

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Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.