SBI Holdings has officially announced the launch of its own cryptocurrency exchange platform called VCTRADE, which is, in fact, the first cryptocurrency exchange platform provided by a bank. The platform will start trading with the 20,000 customers who registered in October last year, who will be able to trade with Ripple (XRP) in exchange for JPY in VCTRADE.
The company plans to extend its services to more customers from July and include other cryptocurrencies such as Bitcoin (BTC) or Bitcoin Cash (BCH).
According to the statement, the company completed the registration and fees required to operate this type of business on Japanese territory since September 2017 and has since worked to prepare for the launch of VCTRADE.
In October 2017, SBI Holdings allowed customers interested in crypto trading to register and, not surprisingly, more than 20,000 applications have been submitted.
SBI Holdings launched VCTRADE, its own cryptocurrency exchange platform, with 0 fees for XRP/JYP trading
For the XRP/JPY exchange, there will be no commissions as the SBI Holdings’ statement said. Also, fees for withdrawals will be charged at the time of making these types of transactions.
In terms of security and safety, the company will be backed by the Japanese Secom Trust Systems and both companies will collaborate for the management of the wallets for the VCTRADE exchange platform.
SBI Holdings had connections with the cryptocurrencies market before
In early March, the company sealed the purchase of 40% of CoolBitX, a Taiwanese company that owns the CoolWallet Bitcoin (BTC) wallet.
In addition, also in early March, the bank has canceled its collaboration with the Chinese startup Huobi, which, at first, announced they’d support SBI in launching its SBI Virtual Currencies.
On the other hand, SBI has been working with Ripple (XRP) since January 2016 to meet the growing demand for cryptocurrencies market services in Asia and put the basis a new company called SBI Ripple Asia which operates in Japan, China, Taiwan, Korea and the countries of the Association of Southeast Asian Nations (ASEAN).
Now, with the launch of its own cryptocurrency exchange platform, VCTRADE, SBI Holdings secures its position as a leader in the Asian cryptocurrencies market
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.