SBI Holdings Crypto Exchange Now Live with Exclusive XRP Listing

Coingapestaff
June 4, 2018 Updated October 3, 2024
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SBI Holdings, Japanese financial giant has finally made its bank-backed crypto exchange live. The exchange has exclusively made the XRP/JPY trading pair available while plans are in for BTC and BCH as well. One of the few cryptos in the green, with these developments, XRP is slowing inching its way to $1.

SBI Holdings officially launches bank-backed crypto exchange

The Japanese financial giant SBI Holdings has finally announced that its cryptocurrency exchange is now live. After months of delay, the platform called VCTRADE is finally here.

In an official announcement, the company clarifies that the service is initially open for users that previously registered on the platform which is for about 20,000 people. However, it will make its services available to a wider audience from next month i.e. July.

SBI Virtual Currencies is the wholly owned subsidiary of SBI Holdings which marks the first cryptocurrency exchange of the country that is backed by a major financial institution.

Last year, in September, the platform completed its registration with the Financial Services Agency (FSA).  However, amidst the Coincheck hack, the launch got delayed due to security concerns.

“We offer the lowest-delay trading environment of the world highest level using Tem (matching engine)”, reads the official announcement. Offering a free transaction fee, the exchange does apply a withdrawal fee that will be charged at the time of withdrawal.

Also, read: 3 Latest Reasons Ripple [XRP] Demands Attention

XRP focused trading, making its way to $1

As the first step in this direction, the exchange would focus on the trading of XRP. The official website has already provided information on the XRP which is the only cryptocurrency supported by the exchange right one.

This is no surprise as the news has been doing the rounds for a long time. Also, given the fact that SBI Holdings is already working with Ripple technology for cross-border transactions, this was expected.

The exchange will further add support for Bitcoin (BTC) and Bitcoin Cash (BCH). But the timeline for the same is not shared yet.

SBI Holdings has the largest Internet securities account and with such a customer base, the competition in the market is only going to get more fierce.

With an exclusive pairing with JPY, this is a huge opportunity for XRP which is among the few ones in the market right now that is in the green at $0.66. XRP is gaining a lot of attention and adoption, which is a significant factor in its long-term success.

What your views on SBI’s virtual currency exchange? Do you think exclusive XRP/JPY trading pair will take XRP price closer to $1? Share your thoughts with us!

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.