SBI Holdings Launches Native Crypto Exchange

June 4, 2018

Japanese financial giant SBI Holdings has become the first mainstream financial institution in the world to launch a cryptocurrency exchange which went live today.

SBI is calling the exchange VCTRADE, however, it is only letting the pre-registered users, who registered themselves in October last year, to trade in the new exchange. The firm is planning to launch the services to a wider audience later in July.

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According to the official announcement, the exchange will only allow trading with XRP for a while. However, the firm has plans to list other major coins like BTC and BCH in the future. SBI has formed many ties with San Francisco-based blockchain startup Ripple, and the initial introduction of XRP is not a surprise as the bank announced the same earlier in April.

Delayed plan

SBI was planning to make this launch months ago, however, because of the security issues of the cryptocurrency exchanges arose with the Coincheck hack, the bank had to postpone the launch date, which it announced in February.

Moreover, an earlier partnership of SBI with the crypto exchange mammoth Huobi went awry and was canceled in March. This also acted as a roadblock to the path of the launch as the bank could not use Huobi infrastructure.

Blockchain dominance

In October 2016, the Japanese banking giant had entered into the blockchain arena with the introduction of SBI Virtual Currencies, a wholly owned subsidiary of SBI Holdings. A year later in September 2017, the bank had even registered with the Japanese Financial Services Agency (FSA) to ease the process of the exchange’s launch.

For SBI Virtual Currencies too, SBI had chosen XRP as the lone digital asset for the initial phase.

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