One of the leading Japanese Bank service providers, the SBI Group, has launched a cryptocurrency exchange. This Exchange is the first major exchange which is fully covered by a Bank. At the beginning of the trade only the native Token of Ripple, XRP is released, for the trade.
The Japanese financial group SBI Holdings announced on Monday that the in-house crypto-currency exchange after months of delay due to security concerns now have to live in.
The Portal is VCTrade and can sbivc under the Domain.jp can be reached. The platform initially supports only the trade with Ripple (XRP), with more established currencies such as Bitcoin, Ethereum, and Bitcoin Cash in a timely manner. First of all, the stock market is only open for customers who have already registered in a previous registration procedure.
The choice of Ripple (XRP) as the first tradable crypto-currency is in terms of collaboration and use of technologies Ripple through the SBI bit surprising.
The project marks the entry of one of the largest institutional actors in Japan in the crypto currency space. You are one of the leading financial services company in Japan, with one of its subsidiaries, handles more than 4 million brokerage accounts. President and CEO Yoshitaka Kitao said that the platform is for the mass adaption (freely translated):
If we do it, it will be within the shortest period of time, the number one, and even if an enormous number of customers, we can build a System that can withstand the work load.
Furthermore, he describes that Ripple has a clear use case for the practice, and, in addition, other positive features distinguish the XRP from other crypto-currencies.
He also takes the view that XRP will one day be the world wide Standard in the trade of digital Assets (freely translated):
XRP is faster, more cost-effective and scalable than any other digital Asset. I am firmly convinced that this will be the global Standard for digital currencies.
All prospects want to try the VCTrade have to wait a bit, because the platform is not yet released to the Public. A more precise time horizon is not known.
It will be exciting to watch if and when the platform provides free and an influence on the further development of XRP the crypto-currency market.
The price of Ripple is shown under the unperturbed and is at the time of writing at € 0.57 per XRP. Thus, XRP an growth in the Price of 4,49 per cent within the last 24h.