Ripple Partner SBI Holdings’ in-house crypto trading platform now open to public
The in-house cryptocurrency trading platform by Japanese financial giant, SBI Holdings is now open to the public. The public can now trade at VCTRADE, which was launched last month by the Ripple partner, SBI Holdings. The platform, the world’s first bank-backed cryptocurrency exchange, has been opened to the public after several months of delay. The platform, when it was launched, was only available to a select group of users. These users had pre-registered with the platform in October 2017.
Starting today, the platform will accept new users. According to the exchange’s announcement, any Japanese resident between the ages of 20–70 can use the platform. However, the exchange hasn’t yet provided a registration service for corporate customers. Users can trade with XRP, Bitcoin (BTC) and Bitcoin Cash (BCH) against the Japanese Yen.
See Also: Ripple’s Partner SBI Holdings Will Bring Customers From its 23 million User Base to its Crypto Exchange
While the exchange was launched with XRP exclusively, Bitcoin and Bitcoin Cash were added on June 8th and June 15th respectively. With the launch of VCTRADE, SBI Holdings, one of the biggest pro-XRP financial institutions has moved into the crypto space. In fact, the President and CEO of SBI Group, Yoshitaka Kitao, is very positive about XRP adoption. According to him, XRP usage will become inevitable in future.
“XRP is faster, cheaper and more scalable than any other digital asset. I strongly believe it will become the global standard in digital currencies.”
He believes that XRP is revolutionizing how global transactions are completed, especially considering its transaction confirmation time. The CEO also hopes that the financial system will be optimized as Blockchain continues to grow.
SBI Holdings had first announced their intention to build a cryptocurrency exchange, back in October 2016. Japan’s financial watchdog, the Financial Services Agency, gave the platform an operating license, late last year. When the platform was launched in June 2018, the exchange conducted a trial run with 20,000 customers. The trial run was reportedly conducted for stress testing purposes. They wanted to ascertain that the exchange could sustain loads for lengthy periods of time.
At the time of the platform’s launch, Kitao 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 [the workload].”
Additionally, the platform’s debut was delayed for months, as the firm worked to raise levels of internal security. This move was initiated following a hack at the Coincheck exchange in January, which led to a loss of $533 million.
The exchange’s website has provided detailed and easy instructions to open an account on the site. It includes registration via email, verification of documents and finally, a “postcard” is sent to the user’s address by SBI. This postcard will hold the transaction password with which the users can trade on the platform.
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