SBI Holdings’ Crypto Exchange To Begin Trading Next Month

Announcements, News | February 7, 2019 By:

Japanese financial firm SBI Holdings has announced that they will officially be launching their proprietary cryptocurrency exchange, VCTRADE, next month.

VCTRADE was launched in beta on January 30, 2018, but SBI announced later that year that the public launch would be delayed, citing the need for further security enhancements. After months of efforts to comply with anti-money laundering and anti-terrorism financing regulations, SBI said the exchange will be usable for crypto trading starting in March.

Once launched, users will be able to buy and sell major cryptocurrencies, including Ripple (XRP), bitcoin (BTC), Bitcoin Cash (BCH), and ethereum (ETH). SBI said that deposit and withdrawal services for BTC, ETH, and XRP has already been enabled.

Yoshitaka Kitao, Representative Director, President & CEO o SBI Holdings, expects that the crypto exchange platform will be greatly adopted by their massive customer base.

“At the launch of full-scale services, expecting customer inflow from the SBI Group’s customer base of 23.47 million, specifically, SBI Securities with approx. 4.26 million accounts, SBI Sumishin Net Bank with approx. 3.21 million accounts, and SBI Liquidity Market, including SBI FXTRADE, with approx. 1.05 million accounts, etc,” Kitao said. “Through mutual collaborations between business ecosystems, endeavor to realize a seamless trading environment between existing financial ecosystem companies.”

The news came after SBI announced a new joint venture with R3, a global enterprise software firm, to boost the adoption of Corda blockchain in Japan and the wider East Asian region. Through the partnership, R3 and SBI will jointly continue their advocacy for enterprise blockchain and increase the focus on commercial adoption of Corda.