Ripple-centric VCTRADE exchange overwhelmed with surge in demand
News

Ripple-centric VCTRADE exchange overwhelmed with surge in demand

Bank-backed cryptocurrency exchange of Japan, VCTRADE, featuring Ripple (XRP), Bitcoin Cash (BCH) and Bitcoin (BTC) is facing a huge surge in demand and is working overtime to accommodate a rush of users who are signing up at a rapid rate.

The company reportedly said that it is receiving more applications than expected such that new users have to wait before they can be cleared to start trading. The company offers a long list of services to customers.

SBI Virtual Currencies is one of the 16 government-approved crypto exchanges in Japan. SBI Virtual Currencies (SBIVC) provides virtual currency exchange and trading service called as “VCTRADE”.

The company launched the Vctrade cryptocurrency exchange service on 4th June with XRP/JPY as the exclusive trading pair. The launch of the exchange initially represented one of the biggest pro-XRP financial institutions moving into the cryptocurrency space.

SBI Holdings had said previously that:

“At the launch of full-scale services, expecting customer inflow from the SBI Group’s customer base of 23.47 million, specifically, SBI SECURITIES with approx. 4.26 million accounts, SBI Sumishin Net Bank with approx. 3.21 million accounts, and SBI Liquidity Market, including SBI FXTRADE, with approx. 1.05 million accounts, etc. Through mutual collaborations between business ecosystems, endeavor to realize a seamless trading environment between existing financial ecosystem companies.”

SBI Holdings’ VCTRADE is the first crypto-exchange that is fully owned by a bank. It opened new registrations to the public on the 18th of July – almost 10 months after it accepted early registrations in October 2017. VCTRADE has been known in the crypto-community as being centered around XRP (XRP).

The CEO of SBI Holdings, Yoshitaka Kitao, said confidently that the platform will be number one in terms of trade volume, security measures and user experience. He said:

“WHEN WE DO IT, IT WILL BE NUMBER ONE IN THE BLINK OF AN EYE SO QUICKLY, SO EVEN IF A TREMENDOUS NUMBER OF CUSTOMERS COME, WE CAN BUILD A SYSTEM THAT CAN BEAR WE HAVE TO PURSUE SAFETY THOROUGHLY.”

Follow us on Telegram!


Leave a Response

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.