SBI Holdings Launches Long-Awaited VCTrade Pro Exchange
The Japanese financial conglomerate reached the launch stage for its promised cryptocurrency exchange.
SBI Holdings officially announced the launch of its native crypto asset exchange, VCTrade Pro. Service on the new market opens this July 31. As Cryptovest previously reported, the launch was expected at some point in the summer. The exchange is fully approved by the Japanese Financial Services Agency.
The decision on the part of a big financial conglomerate to launch a cryptocurrency exchange shows that the idea remains strong on the Japanese market. Despite setbacks, such as volatility and exchange hacks, Japan remains a hotspot for cryptocurrency activity.
Since June 4, SBI Holdings has offered spot trading on VCTrade. The pro version of the exchange will offer additional trading features.
Initially, VCTrade Pro will list leading coins Bitcoin (BTC) and Ethereum (ETH), as well as Ripple’s XRP. SBI remains one of the chief Ripple partners, adding fiat liquidity with the launch of the new exchange.
Both VCTrade and VCTrade Pro are bank-backed exchanges, offering a different type of experience in comparison to the current array of crypto-only exchanges.
The Japanese yen has been an important element in the crypto market, at some points becoming the chief source of liquidity for Bitcoin (BTC). But it is yet to be seen whether the new exchange would be a significant source of liquidity for XRP. Following the news, Ripple’s XRP recovered slightly to $0.32, following the general upward direction of the markets.
VCTrade was the initial stage of SBI’s crypto exchange. However, this market did not open to the public immediately. The exchange works for about 20,000 customers, who were pre-registered in October 2018, and only lately started adding retail investment registrations.
The approach of SBI Holdings has been rather conservative, firstly in an attempt to cover all regulatory requirements. But the conglomerate was also studying previous cases of exchange hacks, most notably CoinCheck, to avoid endangering user funds. Japanese exchanges are also a rare spot for offering fiat-to-crypto services, but there are still no general rules on keeping digital assets safe from theft and wallet hacks.