SBI holdings – the Japanese financial powerhouse and partner of Ripple recently said that it will bring customers from its huge userbase which consists of more than 23 million people to its new cryptocurrency exchange.
SBI Holdings Virtual Currencies is a wholly-owned subsidiary of SBI Holdings, Inc. which announced the official the launch of cryptocurrency spot trading service “VCTRADE” on June 4, 2018. The process of registration as a cryptocurrency and trading business was completed in September 2017. The trading platform featured only XRP initially but later Bitcoin and Bitcoin Cash was added. Since then, they have made significant progress in terms of total trading value and popularity.
There are only a handful of government-approved cryptocurrency exchanges in Japan and this is one of them. So far, it has been open to only a limited number of pre-registered users. However, it is to change very soon. According to SBI, the full-scale launch is scheduled for this month. The company hopes that will be able to bring a flow of users from its huge customer base onto the trading platform, Daily Hodl reported.
According to Business Insider Japan, Yoshitaka Kitao, CEO of Strategic Business Innovator Group said that once the platform fully launches “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].” Last month, Kitao said that he believes that blockchain and cryptocurrency will fuel the next economic boom in Japan.
In January 2016, the SBI Holdings invested in Ripple and offers a wide variety of services to its customers. It includes from brokerage, investment banking to foreign exchange services, insurance, and more. While speaking at the Japan Blockchain Conference, Kitao who is experienced about the cryptocurrency market’s highs and lows, remarked that XRP is the only “battle-tested” technology.
Kitao added, “Surveying the market, Ripple was the only company that has delivered battle-tested enterprise solutions and global bank customer traction, including commercial deals with top banks already signed in Asia Pacific. Distributed financial technology is undoubtedly transforming financial infrastructure and we’re excited to drive its adoption throughout Asia.”
Social Media Response(Reddit)
- Deadbeat1000:SBI Holding uses nChain tech.
- LexGrom:There’s no angels in banking. Show me the company that will drop centrlized custodianship and start providing multisig services and I’ll call it a true cryptobank
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