SBI Holdings’ cryptocurrency exchange is now live for a limited number of customers and with one cryptocurrency supported so far. Starting today, the mega corporation’s crypto spot trading service is available for approximately 20,000 users. Its full crypto exchange launch for the general public is set for next month with two additional cryptocurrencies.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
SBI Exchange Partially Launched
SBI Holdings announced on Monday, June 4, that its wholly-owned subsidiary, SBI Virtual Currencies, has launched a cryptocurrency exchange service called Vctrade. “We have officially announced the availability of the virtual currency exchange service ‘Vctrade’,” the company wrote.
Vctrade is currently available only to users who pre-registered in October last year. “We began mailing passwords etc. necessary for transactions to more than 20,000 customers who had applied to open accounts in advance…We [will] accept applications for general account opening in July,” Nikkei elaborated.
While claiming to have “the industry’s lowest spread,” SBI confirmed:
As [for] the virtual currencies handled, first of all, we deal with XRP, [then] sequentially, bitcoin (BTC), [and] bitcoin cash (BCH).
According to Business Insider Japan, “BTC and BCH will start trading” by the July launch.
Service Details
At present, the only currency pair listed on the exchange’s website is XRP/JPY for spot trading.
In terms of security, SBI explained that it is collaborating with Secom Trust Systems “on the operation of [a] wallet and we will strive to provide services in a perfect system.”
A Licensed Exchange
SBI Virtual Currencies became a fully licensed crypto exchange operator in Japan in September last year. It is among the only 16 government-approved exchanges in the country.
In addition, SBI Holdings also had plans to partner with Huobi Group to develop its crypto business in Asia, focusing on China. However, in March, the company decided to “stop the capital and business tie-up with the Huobi Group,” in order “to build a system with robust security and sufficient processing capacity by utilizing SBI Group’s resources” instead.
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Images courtesy of Shutterstock, FSA, and SBI Group.
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Source: Bitcoin.com