SBI Holdings VCTRADE, (SBI virtual currency exchange) that exclusively supports only three cryptocurrencies viz. Bitcoin (BTC), XRP and Bitcoin Cash (BCH) is now officially open to the general public after two years of its announcement.
SBI Holdings VCTRADE, bank-backed crypto exchange goes public
Japanese financial giant SBI Holdings’ cryptocurrency trading platform has been finally opened for the public. The virtual currency exchange has previously accepted the applications for account openings from selected individuals only. But now, in its official announcement, new accounts opening service is starting from today.
About two years back, SBI announced its plan to launch a virtual currency exchange and since then it has acquired the operating license from the Financial Services Agency (FSA) of Japan which is the country’s financial watchdog. SBI Virtual Currency exchange is the first Bank-backed crypto exchange that is opening the accounts for individuals that are residents of Japan and between the age group of 20 to 70 years.
However, corporate customers are excluded and not accepted as the announcement explicitly mentions that registration services aren’t available for corporate customers.
The first step for this is the email registration and verification that involves the password setting for the platform and requires the user to go through the important documents provided by the exchange.
In the next step, the documents like passport, driver’s license etc. are to be submitted by the user. A point worth noting is that the exchange only allows the withdrawals to the same bank account as of the registered one on its platform. The process will be completed once the company sends a postcard to the user’s registered address.
BTC, XRP, & BCH exclusive exchange
Launched in June, VCTRADE announced its support for the XRP trading against Japanese Yen. However, later on, it added Bitcoin (BTC) and Bitcoin Cash (BCH) and for now, only these 3 cryptocurrencies are available on its platform.
SBI is a fully licensed exchange operator in Japan which is planning to be the biggest one as shared by its president Yoshitaka Kitao at the time of launch,
“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].”
Initially, the exchange has opened the account of only 20,000 customers that applied for advance reservation. Now, anyone who is the resident of Japan and qualities for it can open their accounts that have the crypto community excited.