Ripple’s Partner SBI Holdings Will Bring Customers From its 23 million User Base to its Crypto Exchange

Ripple’s Partner SBI Holdings Will Bring Customers From its 23 million User Base to its Crypto Exchange 17922
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Roshni Vayyapuri
Jul 8, 2018 at 12:30 AM

Ripple’s partner, SBI Holdings stated that it would bring customers from its massive user base of more than 23 million people to its new crypto exchange VCTRADE.

SB Holdings Virtual Currencies is a subsidiary of SBI Holdings. They announced the official launch of the crypto exchange platform VCTRADE in June. In September 2017, registration process as a cryptocurrency and trading business was completed. Initially, they featured only XRP and later Bitcoin and Bitcoin Cash was also added.

In Japan, there are only a few government-approved crypto exchanges and when considering the initiative by SBI Holdings, the crypto exchange launch is an achievement. Currently, only a limited number of pre-registered users can access facilities by the exchange which will be soon updated.

By the end of July, SBI crypto exchange will be launched with complete scale. The company is expecting to attract users from its massive customer base.

According to sources, Yoshitaka Kitao, CEO of Strategic Business Innovator Group said that after the platform is fully launched “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 [it].”

See also: Ripple, Bitcoin, Ethereum, Cardano, Dash, Litcoin are here to stay: JPMorgan internal report

Mr. Yoshitaka Kitao, executive chairman, CEO and president of SBI Holdings, Inc in an interview with Ripple in August 2017 stated,

"In my opinion, we are bracing for a social revolution with blockchain that’s even bigger than the Internet. Using blockchain for global payments is central to this revolution, and by dramatically reducing transaction costs, financial institutions and all users of the financial system will benefit greatly.

Based on Ripple’s estimate, a bank can reduce the cost of processing remittances by 33% using Ripple’s technology, and by 60% if we couple it with XRP."

When he was asked what makes him believe that XRP is the best digital asset for payments, he replied by saying XRP is faster, cheaper and more scalable than any other digital asset. also, the use case of XRP is more clear. He strongly believes that XRP will become the global standard in digital currencies.

SBI Holdings moved to take advantage of Ripple’s technology, investing in the company in January of 2016, and later launching SBI Ripple Asia (a joint venture) in May of 2016. Very quickly, they launched a consortium of 61 banks, including the top in Japan to use Ripple for both domestic and cross-border payments.

He further revealed, "we are increasingly interested in looking to use XRP for payments."

Ripple stated on their official website, "Ripple is encouraged by the success that innovative financial service companies such as SBI Holdings are having as a result of implementing Ripple’s technology and is excited to play a key role in helping banks solve payment challenges for their customers."

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