The Japanese financial institution SBI holdings has confirmed information about the launch of a crypto exchange called “VCTRADE”. The launch comes 15 months after the initial announcement in 2016.
The Japanese financial giant said Monday that it will initially focus on trading XRP and will eventually add support for Bitcoin (BTC). Although the company did not indicate a time frame, it also promised to add support for Bitcoin Cash (BCH) in the future.
SBI Holdings has a partnership with Ripple, and they jointly own and operate SBI RIpple Asia - a company that is actively exploring the use of Ripple blockchain for transferring funds between banks.
According to the announcement, after the launch, the exchanger will not charge a commission for trading XRP/JPY. It is known that users will be charged a fee for withdrawals, but no further details have been released.
Once the site launches, it will be available to approximately 20,000 pre-registered users. However, the platform is expected to become available to the general public in July 2018.
Although SBI completed the registration of the crypto exchanger with Financial Services Authority (FCA) in September 2017, the launch of the platform was delayed due to the holding decided to strengthen the project’s cybersecurity measures before launch. SBI announced the delay a month after the infamous theft of $530 million in NEM tokens from Tokyo exchange Coincheck.
Having already invested in Bitflyer - Japan's largest crypto exchange - SBI also announced ownership of a 40% stake in the Taiwanese hardware wallet developer CoolBitX. Although the information has not yet been confirmed, SBI may in the future resort to using cold storage technology to preserve the assets of their clients.
According to ccn
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