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!