Crypto Exchange VCTRADE Launched By Japan’s SBI Holdings

Announcements, News | June 4, 2018 By:

Japanese financial firm SBI Holdings has officially launched its proprietary cryptocurrency exchange service known as VCTRADE.

The announcement follows significant delays following the Coincheck hack, which led the company to boost the platform’s security measures.

“We completed registration of the virtual currency exchange business in September 2017 and have been preparing for the start of business for some time,” the company said, adding that VCTRADE is currently available only to pre-registered users and expects it to be available for a wider public in July of this year.

The crypto exchange will initially support Ripple’s XRP token and plans to subsequently add support for bitcoin (BTC) and Bitcoin Cash (BCH), though the timeline for that is not yet clear.

VCTRADE was launched in beta on January 30, but the firm announced in February of this year that the public launch would be delayed, citing the need for further security enhancements. The delay also followed the efforts by Japan’s Financial Services Agency (FSA) to increase oversight of domestic crypto exchanges following the hack of over $400 million-worth of the XEM cryptocurrency from crypto exchange Coincheck in January.